Cardano has sunk deep into the support with no sign of a rebound after rejection at $0.50 and $0.40. Crypto has been one of the worst performers in this crypto bear market, but there may still be hope for the bulls.
At the time of writing, Cardano (ADA) is trading at $0.37, gaining 2% over the last 24 hours and losing 2% over the last 7 days. Over the past month, ADA’s price has recorded a massive 20% loss, wiping out investor bullish sentiment.
Onboarding millions of new users to Cardano
In a recent interview with Big Pey, Cardano inventor Charles Hoskinson spoke about the launch of his latest crypto wallet, Lace. According to Hoskinson, the new product will allow Cardano to reach his billion users.
The new crypto wallet is still in development, but will serve as “the world’s financial operating system when released.” Race gives users access to new use cases, non-fungible tokens (NFTs), decentralized finance (DeFi) protocols, on-chain gaming, and more.
The new crypto wallet takes the Cardano ecosystem to a new level by offering an all-in-one solution for identities, transactions, and applications. According to Hoskinson, Lace is based on legacy and modern technology. He said:
We have brought together the best talent. Taking a lot of great new tech like Mithril and Atala PRISM, along with a lot of legacy tech we invented in the Cardano ecosystem, and putting it all together, Race as a product is starting to hit the market. This is one of his first commercial B2C products, not a reference client. Unlike Daedalus, which is a neutral playground, this is his IO take on how cryptography should be done (…).
Hoskinson hopes that Lace will ignite change in the cryptocurrency industry and further advance cryptocurrency wallets. For several years, the product has been trying to get users to adopt her identity solutions and certificates, but has yet to succeed. Race may be the first cryptocurrency wallet to win in this space.
Is Cardano compatible with Bitcoin and Ethereum?
In the long term, Cardano and ADA holders are likely to benefit the most, but the entire industry could benefit from the race. Hoskinson claims that anyone with a computer or smartphone will be able to download and use Lace.
The cryptocurrency wallet will move from the demo stage to the beta stage, but Hoskinson has deliberately skipped the deadline. In the future, Lace may become Cardano’s killer product, a wallet for “everyone, not just crypto enthusiasts,” Hoskinson said. he added:
It can also be cross-chained. So it’s not just Cardano. It supports Bitcoin, Ethereum, and many other ecosystems, and in that regard introduces what it has created as an ecosystem to the rest of the cryptocurrency space.
The race could also serve as another bullish story for ADA prices. Without it, cryptocurrencies seem poised to continue their downward trend at the mercy of macroeconomic forces.