Ledger Adds Support for 100 More Cardano ($ADA) Native Tokens | Cryptoglobe
French cryptocurrency hardware wallet manufacturer Ledger has added support for 100 more native tokens on the Cardano ($ADA) network, allowing users to buy, send, and receive these tokens on Ledger Live, the application for managing cryptoassets on Ledger devices.
Paris-headquartered Ledger was co-founded in 2014 by Eric Larchevêque, Nicolas Bacca, Joel Pobeda, and Thomas France. It first announced it was moving to support ADA back in April of this year.
More great news for the @Cardano community – we’re integrating 100 more Cardano tokens into Ledger Live! $WMT, $DANA, $ADAX and more are all available to manage from the security of Ledger Live + your Nano.— Ledger (@Ledger) July 28, 2022
Check out the full list here: https://t.co/2sOX1sPLUb pic.twitter.com/T9ylJ2TG2M
According to Ledger’s announcement, tokens that are now supported include Aada DAO Token, CLAP, DogeADA, DANA, Cardano Gold, ADAX, MILK, MEOW, MELD, and Minswap’s native token.
The French hardware wallet manufacturer added that there are “many more Cardano tokens,” but that it decided on the first 100 to support based on a number of factors including the number of blockchain transactions in a specific period. The firm noted the selection was “made without any bias, based and on-chain data.”
The announcement noted that native tokens on the Cardano blockchain “can be handled in the same way as Cardano’s currency, ADA, and enjoy all the benefits of its speed, security, and low transaction costs.” The firm noted that contrary to networks where user-defined tokens are non-native, Cardano’s approach removes a layer of complexity while reducing manual errors and transaction fees.
To manage their ADA and Cardano native assets via Ledger’s devices, users must create an ADA account but don’t need to create an additional wallet. They can also buy the cryptocurrency directly through the applications. The French cryptocurrency hardware wallet manufacturer’s support delighted the Cardano community when it was first announced, with the integration’s rollout being applauded as well.
As CryptoGlobe reported, Cardano’s Vasil hard fork, which is expected to deliver a “massive” performance improvement to the cryptocurrency’s network, was delayed by “a few more weeks.”
The Vasil hard fork will involve four Cardano Improvement Proposals (CIPs). Investors have nevertheless been betting on it, with data from Coinbase’s price pages showing that users of the Nasdaq-listed cryptocurrency exchange have a typical ADA hold time of 153 days, meaning that Cardano traders on the platform hold onto their assets for that long before “selling it or sending it to another account or address.”
According to the cryptocurrency exchange, a long hold time “signals an accumulation trend,” while a short hold time “indicates increased movement of tokens.”
Earlier this month, a panel of cryptocurrency industry experts predicted that the price of Cardano will explode to $2.93 by 2025, and to $6.53 by 2030, although experts believe that by the end of the year, the cryptocurrency will trade at just $0.63.
Featured image via Unsplash
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