Tuesday, August 16, 2022
HomeTechnologyLedger Adds Support for 100 Cardano Native Tokens

Ledger Adds Support for 100 Cardano Native Tokens



Leading hardware wallet provider Ledger has expanded support for the Cardano ecosystem, allowing users to manage 100 such native tokens on their Ledger Live app while leveraging the security of the Ledger Nano.

Ledger Expands Support for Cardano

As the name suggests, Cardano native tokens are assets built on the Cardano blockchain. These assets behave the same way as ADA in most ways and benefit from the network’s features. However, ADA is the principal currency on Cardano used for special purposes, such as paying transaction fees.

According to the announcement, the newly added cryptocurrencies include, among others, ADAX, DANA, DRIP, FIRE, and CLAP. Ledger noted that the tokens were not selected based on their market capitalization but by the number of transactions performed over a given period.

There are over 5 million tokens in the Cardano ecosystem. The network allows developers to create and distribute native tokens without writing custom code or expensive smart contracts. The hardware wallet manufacturer hinted that more Cardano native tokens would be listed in the future.

“100 native Cardano tokens just made their way to your Ledger Live app… There are many more Cardano tokens, but for now, we decided to support these 100 tokens first,” the company said.

Meanwhile, the new listing comes just a month after Ledger added full support for Cardano, allowing users to send, receive, and manage ADA directly from Ledger Live.

Cardano Sees Network Growth

Despite the market downturn over the past few months, the Cardano ecosystem has seen significant growth in on-chain activity.

In June, on-chain transactions on Cardano reached a record 44.8 million, more than 5% higher than the total recorded in May. The blockchain also saw a spike in native assets and ADA addresses, reaching 5.4 million and 3.42 million, respectively.

Cardano’s Vasil Hard Fork Postponed

Meanwhile, earlier today, CryptoPotato reported that Cardano’s long-awaited Vasil hard fork had been postponed for the second time.

Although the new date for the upgrade is still unknown, Kevin Hammon, Technical Manager of Input Output Global (IOG), said the project’s developers are still testing and fixing to ensure everything is in place when the upgrade finally goes live.

The Vasil hard fork, designed to increase the network’s scalability, falls under the Basho era of Cardano’s Roadmap.

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