Cardano DeFi TVL Shows Unusual Trend As Lace Wallet Gets Revamped

During the past few weeks, Cardano has remained in the spotlight amid strong network activity. Current data from DeFiLlama shows that Cardano’s Decentralized Finance (DeFi) Total Value Locked (TVL) has unusually topped $210 million.

Cardano notably grew its Total Value Locked gradually over the last few days. Much of this momentum is due to the growing adoption of its hosted decentralized applications.

Cardano Lace Wallet Upgrade: What Changed?

Additionally, the spike in Cardano’s TVL stems from the continuous improvements and updates regularly introduced on the protocol.

– Advertisement –

Regarding updates, Cardano’s light wallet platform, Lace, recently got a facelift. Specifically, the platform released a new iteration dubbed Lace 1.17. A designated Beta team gives interested users access to new features on the Lace 1.17 platform.

In return, these users are expected to provide feedback, hoping they will be instrumental in shaping the wallet. The latest release has a Shared Wallet or multi-signature (multi-sig) feature that offers enhanced security.

To achieve this feat, the multi-sig wallet requires several authorized entities to approve a transaction before it is complete. Noteworthy, the multi-sig wallet is founded on the premise of enhanced security.

It helps protect users against theft, hacks, and other unauthorized access. If a single key is compromised, this cannot put control in the hands of the bad actor. It is an ideal strategy for situations that require collective governance over digital assets.

For now, it allows those interested in the beta release to create a shared wallet and add co-signers. Once this is achieved, they can set custom signing conditions directly within Lace. This feature utilizes the CIP-1854 derivation standard to ensure compatibility and robust security.

ADA Price and General Outlook

Notably, the release of Lace 1.17 and many other upgrades on Cardano is bullish. As experts noted, this upgrade may drive more usage, which could trigger an upside for ADA in the long term.

However, the coin’s market outlook is gloomy, with its price, market capitalization, and trading volume facing a dip. According to market data, the ADA price was trading at $0.3428 after losing 3.55% of the gain recorded 24 hours ago.

Its market cap is $11.99 billion, while its trading volume has dropped by 9.44% to $280.64 million. The plunge in trading volume suggests investors’ lack of enthusiasm towards ADA for now. However, Cardano may change this narrative with its actions in the future.

Having recorded a mild blowout in the past week, analysts believe the current trend is a healthy correction.

Anticipating The Future of Cardano

Cardano’s appeal will likely increase with enhancements improving scalability and interoperability.

Beyond scaling push, the protocol’s improvements also focus on transaction efficiency and basic contract capabilities. In the long run, this will attract even more developers and users to the platform.

At this pace, Cardano is on the way to establishing its position in the burgeoning crypto market. With the decentralized governance already underway, implementing Chang Hard Fork phase 2 might seal the deal to present Cardano as a future-driven layer 1 protocol.

Source