Hardware wallet provider, Ledger has announcement the adoption of 100 tokens on the Cardano blockchain. The move underscores Ledgers’ expansion into supporting ADA users; tokens will be available through the Ledger Live app. Hence, using the protection mechanism of the Ledger Nano device.
Some important tokens are ADAX, DRIP, DANA and CLAP. Thanks to this initiative, Cardano users can now have their tokens in a secure hardware wallet provided by Ledger. As revealed, Ledger implemented a filtering mechanism before adopting the tokens. Ledger said the team chose the tokens based on their trading volume. The firm also dislodged the claim that the selection process is cruelly based on market capitalization.
The company has established that the selection process contains no pinch of sentiment. Additionally, Ledger disclosed that the tokens have many similar traits to the main blockchain token, ADA. According to the company, some similarities include security, speed, and relatively low charges. However, ADA is primarily used for reserve uses such as paying on-chain costs.
The Cardano ecosystem is home to over five million tokens; It provides solutions and innovations for developers to develop tokens. However, an important feature of the Cardano ecosystem is its simplicity. It does not require developers to write rigorous codes and expensive smart contracts.
Ledger revealed that more tokens within the ecosystem will soon make their way to their list. Meanwhile, the Cardano ecosystem did not feel the market situation any further. Despite the crisis in the sector, the volume of transactions on the blockchain has exploded massively. Last month, blockchain saw a 5% increase in transactional activity compared to May. Over the two months, the ecosystem recorded around 44.8 million different activities.
Additionally, ADA addresses skyrocketed to about 3.42 million. The overall success has also led to a massive increase in assets on the blockchain. There are approximately 5.4 million native assets on the Cardano blockchain. ADA price stands at $0.5479, with a trading volume of $1,244,569,843.64 in the last twenty-four hours.
The latest adoption of more Cardano-based tokens came months after the company added Cardano support to the Android version of Ledger Live. Ledger provides many hardware wallets, such as Ledger Nano X, Ledger Nano S and Ledger Nano S Plus.
Finally, Ledger, as a unique digital security ecosystem, has redefined the process of safeguarding cryptography. The company provides security devices for crypto enthusiasts to protect their assets. Through its hardware wallets, crypto holders can secure their offline assets on chips and mini gadgets.
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