The new Cardano Foundation-backed mobile wallet is interoperable with other blockchains and also prioritizes asset security and user privacy.
Cardano (ADA) network, a leading smart contract-focused blockchain with more than $378 million in total value locked (TVL) in its decentralized financial (DeFi) protocols, has grown to a mature ecosystem despite the devastation of the 2022 crypto bear market. The Cardano network has seen exponential growth in the staked ADA, amid the mass adoption of digital assets and the web3 industry led by institutional investors.
Backed by the Cardano Foundation, IOHK, and other core developers, the Cardano network now supports multichain decentralized protocols like MuesliSwap DEX and Spectrum Finance. The notable growth has not deterred the Cardano developers from building the necessary infrastructure to onboard millions of users to the web3 industry in the coming years.
Cardano-backed Mobile Wallet
In a bid to ensure the sustainable growth of the Cardano network, the Cardano Foundation has unveiled a new product dubbed the Identity Wallet. The new Cardano Identity Wallet supports a myriad of features and different blockchains securely. Furthermore, the Cardano Foundation is focused on enabling interoperability through secure smart contracts that protect users’ private information.
Cardano’s Identity Wallet is key to the mainstream adoption of ADA and its DeFi tokens among others. Moreover, the Identity Wallet Lowers the entry barriers for new users and integrates with Key Event Receipt Infrastructure (KERI), which assures the users of enhanced interoperability with other blockchains.
Looks like it has interoperability with the OpenWallet Foundation (which has a lot of sponsors including Visa and Google)? pic.twitter.com/U57FVIk4yU
— St₳kΣ with Pride 🌈 (@StakeWithPride) December 11, 2023
Notably, Cardano’s Identity Wallet taps into the same principles of Self Sovereign Identity (SSI) to help users take control of their assets. Although the Identity Wallet was built by the Cardano Foundation, it is an open-source project geared towards empowering the community and web3 developers. Moreover, the Identity Wallet is available on both Android and iOS platforms. In a bid to ensure secure communications between different protocols, the Identity Wallet uses the DIDComm, W3C, and Authentic Chained Data Containers (ACDCs).
ADA Price Action
With the notable Cardano network development, ADA price has been on a rising trajectory in the past few weeks. According to our latest market data, ADA price has rallied nearly 70 percent since October to trade around 56 cents on Tuesday. As a result, the medium-capped altcoin, with a fully diluted valuation of about $25 billion and a daily average traded volume of approximately $1 billion, has invalidated the 2022/2023 crypto bear market.
Moreover, the weekly Relative Strength Index (RSI) has crossed above the 70 mark for the first time since August 2021. Backed by a daily golden cross between the 50 and 200 Moving Averages, ADA’s price is well positioned to close the year trading above 70 cents.