Is This Product Likely to Bring Cardano (ADA) Back to $1?

Cardano continues to sink into support following a rejection at $0.50, $0.40 and no sign of rebound. The crypto market has seen the worst performance, however the bulls could still see some upside. 

Cardano trades at $0.37 as of the writing. It has a 2% profit over the last 24hrs and a 2% drop in the prior seven days. Over the past month, ADA’s price records a massive 20% loss wiping out any bullish sentiment for investors. 

ADA’s price moving sideways on the 4-hour chart. Source: ADAUSDT Tradingview

Cardano welcomes millions of new users

In a recent interview with Big Pey, the inventor of Cardano, Charles Hoskinson, talked about the launch of their newest crypto wallet, “Lace.” This new product will allow Cardano to get to a billion users, according to Hoskinson. 

The new crypto wallet is still developing but will operate as the “world’s financial operating system upon its release.” Lace will provide users with new use cases, access to non-fungible tokens (NFTs), decentralized finance (DeFi) protocols, on-chain gaming, and much more. 

Cardano’s new cryptocurrency wallet is a revolutionary solution that offers all-in-one solutions for transactions and identity. Hoskinson said that Lace was built on both legacy technology and newer technologies. Hoskinson said that: 

Our best employees were assembled. The team gathered a number of new technologies such as Atala PRISM, Mithril, and a lot more that was created within the cardano ecosystem. Now Lace, as a product, is beginning to go to market. It’s one of our first commercial B2C products, and so it’s not a reference client. It’s not like Daedalus, which is a neutral playground, but rather this is IO’s view of how crypto ought to be done (…).

Hoskinson believes Lace will spark a revolution in crypto, pushing wallets to be more. Products have tried for years to convince users to use identity solutions or certificates. However, they have not been successful. Lace could be the first to achieve a win in crypto wallets.

Cardano will be compatible with Ethereum, Bitcoin and Ethereum.

Cardano holders and ADA holders may see the greatest benefit in the long-term, but Lace could be beneficial for the whole industry. Hoskinson asserts that every person with a smartphone and a computer will be able download Lace, which they can then use. 

While the prototype phase will be followed by a beta version, Hoskinson did not set any timeframes. In the future, Lace might become Cardano’s killer product, a wallet for “everyone, not just the crypto enthusiasts,” Hoskinson said. He also added: 

It’s also going to be cross chain. So, it’s not just Cardano. It’ll support Bitcoin, Ethereum,and a lot of other ecosystems and showcase what we’ve created as an ecosystem to the rest of the cryptocurrency space in that respect.

Lace might also operate as a new bullish narrative for ADA’s price. The price of cryptocurrency appears to be heading lower, even without a lace.

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