Cardano (ADA) Foundation Announces New Product: Strengthening Cardano TVLs!

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• The newly launched Identity Wallet not only ensures seamless interaction with Cardano’s DApps but also supports self-sovereign identities on Cardano and various blockchain networks.
• It offers users a user-friendly interface promising a secure experience in managing their digital assets. The interface also lowers the entry barrier for new users.
• Another feature of the Identity Wallet is the addition of the Key Event Received Infrastructure, a solution that scales the interaction capability.

Cardano Foundation introduced its new product in its announcement: What does Cardano aim for with its new product? Details!

Cardano Foundation Introduces New Product

The Cardano Foundation has introduced a new W3C-compliant Identity Wallet that seamlessly interacts with Cardano’s Decentralized Applications (DApps) and supports various identity and credential standards. The newly launched Identity Wallet not only ensures seamless interaction with Cardano’s DApps but also supports self-sovereign identities on Cardano and various blockchain networks.

It offers users a user-friendly interface promising a secure experience in managing their digital assets. The interface also lowers the entry barrier for new users. The design adopted by Cardano for the W3C-compliant mobile wallet allows it to be suitable for reaching different ecosystems, emphasizing the development team’s interest and focus on interaction capability.

Another feature of the Identity Wallet is the addition of the Key Event Received Infrastructure, a solution that scales the interaction capability. KERI fulfills its role by ensuring the secure and efficient management of identities. This occurs after simplifying the user experience.

The release of this new mobile wallet marks a significant turning point in the landscape of digital assets and blockchain technology. As a result, the Identity Wallet provides a structure that allows users to navigate with the utmost attention and confidence in the constantly evolving ecosystem, helping them establish essential connections in the process. It is the second wallet launched by Cardano this year, with the Light Wallet Lace being the first wallet.

More Success for Cardano

Nevertheless, the wallet is one of the many milestones that Cardano is currently celebrating. According to DefiLlama data, Cardano (ADA) entered the Top 10 Total Value Locked (TVL) list, replacing Cronos after a remarkable increase of $337 million in the protocol.

Similarly, the cryptocurrency’s price is displaying positive signals, reaching a new high of $0.633 over the weekend, with an increase of up to 50% since June 2022. As of the time of writing, ADA is trading at $0.5934 after fluctuations following a 2% increase. Overall, Cardano is experiencing significant levels of community support and adoption.

Despite reports of significant FOMO among Cardano investors, the network is still striving to offer the best to its investors and gain momentum to compensate for lost time.