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Technology

Cardano Developer IOG Releases Lace Wallet, Boosting ADA Ecosystem

Users can stake ADA tokens directly from Lace to contribute to the security of the Cardano network and receive rewards for their participation.

By Shaurya Malwa
AccessTimeIconApr 11, 2023 at 2:10 p.m. UTC
Updated Apr 11, 2023 at 2:44 p.m. UTC
(DALL-E/CoinDesk)

(DALL-E/CoinDesk)

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Cardano blockchain-focused development lab IOG released Lace, its first native wallet for the Cardano network, developers said Tuesday.

Lace is a browser-based wallet similar to the popular MetaMask product. It allows users to access the Cardano network directly and use Cardano-based decentralized applications.

Users can send and receive Cardano digital assets like ADA, Cardano non-fungible tokens and Cardano-native tokens. They can also stake ADA directly from the wallet to contribute to the security of the network and receive rewards for their participation,

Lace will enable users to send multiple assets to different addresses in one transaction – with one transaction fee – through a new "bundle transaction" feature, which groups transactions into one bundle to save costs.

Developers said they expect to add fiat-to-crypto on-ramps, a dapp store, in-wallet swaps and staking enchantments in future releases.

Wallet services such as Lace may allow users to easily access decentralized-finance tools and be incentivized for using services on any blockchain, which may boost the token ecosystem for that network as it attracts traders hunting for opportunities that may have worn off on other networks.

ADA is up 5.3% in the past 24 hours.

Edited by Sheldon Reback.

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Shaurya Malwa
Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Follow @shauryamalwa on Twitter

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