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Cardano Light Wallet Eternl Nears Major Update, Boosting User Experience

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Eternl, a Cardano light walle­t available as a browser exte­nsion and mobile app, is preparing for an upcoming major update. According to Eternl rece­nt Tweet, they are­ close to releasing Eternl v1.11.0, which will bring significant change­s to the core functionality of the walle­t.

The upcoming ve­rsion will bring several benefits to use­rs, including faste­r syncing, reduced database size­, and lower memory usage. This update­ sets the stage for Ete­rnl v2, which introduces a fresh user inte­rface and a new data structure.

Eternl is not the­ only light wallet available for Cardano. Another popular option is Yoroi, a light walle­t developed by Emurgo, which is the­ commercial arm of Cardano. 

Yoroi can be accesse­d on both web and mobile platforms, offering conve­nient features such as staking, de­legation, and native token support. Notably, Yoroi se­ts itself apart by not requiring users to download the­ entire blockchain.

Other Developments In The Cardano Ecosystem

Eternl introduce­d a new feature in De­cember 2022. This feature­ allows users to swap Cardano native­ tokens within the wallet conveniently. As a re­sult, users can easily engage­ in token trading on its network without the­ need to exit the­ir wallets.

Howeve­r, there is one toke­n that remains unswappable for users in the­ foreseeable­ future: USDA. Emurgo, in collaboration with a regulated US-base­d financial services company, had plans to introduce this stable­coin pegged to the US dollar. 

In 2022, Emurgo made­ an official announcement about their ongoing e­fforts to develop USDA. The coin would be­ supported by actual reserve­s of US dollars and subjected to regular audits.

Emurgo had initially planned to launch the­ Universal Sustainable Deve­lopment Assistance (USDA) in early 2023. Howe­ver, recent re­velations indicate that the launch was postpone­d due to regulatory uncertaintie­s. 

Although Emurgo successfully completed the­ technical developme­nt of USDA, it encountered challe­nges in obtaining approval from regulators and stakeholde­rs.

Notably, Cardano rece­ntly launched its first light wallet platform called Lace­, developed by IOHK, the­ parent company of Cardano. Lace is a secure­ self-custody wallet that provides fast and re­liable access to its feature­s.

With Eternl v1.11.0 and Lace 1.0, Cardano users have more options to choose from when it comes to light wallets. However, they will have to wait longer for USDA, the first stablecoin on Cardano, which could boost the utility and liquidity of the network.

Related Reading | Ripple Sets Sights On U.K. Crypto Company Register After Legal Triumph In The U.S.

Cardano’s Ecosystem Flourishes: EMURGO CEO Shares Latest Developments

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EMURGO CEO Ken Kodama has taken to Twitter to share some noteworthy updates from the world of Cardano. Kodama, in a recent series of tweets, revealed that the Voltaire and CIP-1694 projects are generating a lot of buzz in the Cardano ecosystem. 

These developments have piqued the interest of many stakeholders, and the community eagerly awaits further updates.

But Kodama didn’t stop there. He also shared some impressive stats on the network’s developer activity, which has consistently been the most active blockchain network for several years. 

Additionally, recent upgrades like Dynamic P2P Nodes are making Cardano stake pools more decentralized and improving connectivity between nodes.

One area where the network is really making strides is in the world of stablecoins. According to Kodama, native stablecoins are gaining traction as they provide liquidity, an on-chain safe haven, and a faster alternative to traditional payment processors. While there are still questions about their use, development in this area continues.

Kodama also touched on Cardano’s DeFi ecosystem, which has been hitting all-time highs in terms of TVL (total value locked) over the past few months. DEXs and other DeFi products attract users and build the overall Cardano DeFi ecosystem.

Finally, Kodama emphasized the importance of investing in Cardano user empowerment through information and education. 

He pointed to projects like CardanoSpot, which enables the community to share UGC and curated Cardano content, Adaverse_Acc, which funds and mentors African Web3 startups; and Official_NODO, which informs African consumers about the local Web3 scene.

Nevertheless, Kodama’s tweets paint a picture of a the network’s ecosystem that is thriving and growing in exciting new directions. From on-chain governance to stablecoins to DeFi, there is plenty to be optimistic about for Cardano enthusiasts.

Cardano (ADA) Price Analysis

ADA’s price analysis chart for the day indicates a continued decline following yesterday’s bearish trend takeover. Currently, the price has fallen to $0.4007, with a loss of 4% in the past 24 hours and 8.24% over the week, according to CoinMarketcap.

ADA 1D graph coinmarketcap 7
CoinMarketcap

In 2023, ADA initiated trading at $0.2445; its current price is $0.4024, indicating a 65% increase since the beginning of the year.  According to prediction, ADA is expected to reach $0.60 by the end of 2023, with a year-over-year change of +145%. The price is expected to rise by 49% from its current value to the end of the year, while in the middle of 2023, the expected value is $0.42 per coin.

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Cardano’s Founding Entity Set To Launch Stablecoin In Q1 2023

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Singapore-based Cardano founding entity Emurgo will roll out its native stablecoin called USDA in the first quarter of 2023, according to a press release.

The firm aims to make Cardano “the most adopted blockchain network by developers and users” and the latest project will be the first fully fiat-backed, regulatory-compliant stablecoin in the Cardano ecosystem.

In a statement released to CoinDesk, Emurgo’s Fintech General Manager Vineeth Bhuvanagiri said, “The introduction of a fully fiat-backed, regulatory-compliant stablecoin is the next step in realizing the future for our community.”

USDA is slated to be launched on Emurgo’s Anzens product, a platform that would provide several financial services and products functioning on Cardano-based assets.

The plan would expand to support card payments using cryptocurrency, lending and borrowing services, and linking traditional marketplaces with decentralized applications [dApps].

USDA on the Anzen platform, according to Emurgo, will enable users to tokenize their USD into the stablecoin through credit/debit cards, wire transfers, or conversion of ADA.

In addition to the tokenization of USD, Emurgo will soon make it possible to convert other stablecoins, like USD Coin [USDC] and tether [USDT], into USD.

In the long run, the firm also plans to enable the conversion and exchange of other cryptocurrencies, like bitcoin, ether, and other cryptocurrencies.

Although Cardano’s decentralized finance [DeFi] ecosystem has fallen to over 80% from March peaks of over $300 million, the most recent move might help.

Cardano’s Founding Firm $200M Investment Drive In Africa

As per the P.A, Emurgo said it has worked with a licensed financial services organization with headquarters in the United States as the banking partner. This is to ensure USDA is fully compliant and follows regulatory rules.

A month ago, Cardano‘s commercialization arm which has offices in Indonesia, India, the US, the Middle East, and Africa planned to invest over $200 million to support the ecosystem’s growth over the next three years, founder Ken Kodama told on the sidelines of the then Token 2049 conference.

According to Kodama, Emurgo’s African investment program will allocate $100 million for investments in Africa. He clarified that the use of lending and borrowing crypto services intended for daily life, as opposed to speculative motives, was a key growth driver in the region.

Cardano’s Web3 Ecosystem Gets A Major Boost Via DoraHacks Funding

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Cardano’s web3 ecosystem is elevated after one of its founding partners EMURGO Ventures, announced an investment into a leading Web3 hackathon firm DoraHacks. The latter boasts of having over 300k multi-chain active developers and experts.

According to the press release, the funding will bring global hackathons to ADA’s community of over 3.8 million active addresses and open up prospective commercial opportunities in the dApps domain.

Recently EMURGO Africa and Cardano accelerator Adaverse unveiled the Blockchain Founders Hangout 2.0 event to discuss Web3 funding in Africa.

Speaking on the development, Kaimin Hu, Venture Partner at EMURGO Ventures stated,

EMURGO Ventures is thrilled to invest and partner with DoraHacks, a frontier tech leader in building and fostering a global Web3 developer community. We expect this investment to drive and scale Cardano’s Web3 developer community through co-hosting hackathons, bring more funding and technological resources to ADA’s decentralized funding programs for devs, and ultimately accelerate Cardano’s Web3 in the years to come.

On the other hand, DoraHacks’ DAO facilitates open-source projects to create decentralized autonomous organizations for their communities to govern and finance the projects.

The global leading hacker organization has already backed over 2,000 startups and $25 million in grants and is also currently providing funding technology and decentralized governance infrastructure to 40+ Web3 ecosystems and their respective developer communities.

DoraHacks, a San Francisco, CA-based firm has curated hackathons for leading blockchains developers of prominent players like Solana, Polygon, and Avalanche ecosystems.

Additionally, in May 2022, the organizer secured $20 million in a funding round led by FTX Ventures, the investment arm of crypto exchange FTX, and Liberty City Ventures.

It also previously raised $8 million last November in a strategic funding round led by Binance Labs.

Cardano Ranked At The Top For Global brand Intimacy

Blockchain firm Cardano has scored the top spot in a new report on global brand intimacy, as reported by TronWeekly. Per brand relations agency MBLM, ADA ranked 26 among 600 brands and holds the top spot in the cryptocurrency industry.

From the survey made across 19 industries, cryptocurrencies performed among the top 10, with Cardano at first and Bitcoin at the 30th rank, With regard to last year, analysts said that ADA is not only a new entry but the highest ranked cryptocurrency and the best performing financial services brand.