Lace 1.0 gives users direct access to the Cardano network and the various dApps built on it.
Demand from ADA in the derivatives market was down at the time of writing.

Cardano [ADA] The network’s development activity declined markedly over the past 30 days, falling to a three-month low at the time of writing, according to data from Santiment.

This was a worrying sign, as development activity is an important indicator to evaluate a blockchain’s prospects, with declining activity implying that future improvements could miss their deadlines.

Source: Sentiment

In addition, unlike other major coins in the market that posted weekly gains, ADA lost 0.53% of its value in the last 30 days, per CoinMarketCap facts.

However, things may change for the better with the latest offerings from the Cardano ecosystem.

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Introducing lace purse

Cardano maker Input Output Global (IOG) announced the launch of Lace Wallet, the first native wallet in the Cardano ecosystem.

Like Metamask, which is used to interact with the Ethereum [ETH] blockchain, Lace 1.0 will be a light wallet that gives users direct access to the Cardano network and the various dApps built on it.

Lace allows users to send and receive digital assets, including ADA, Cardano-based NFTs, and other native tokens. In addition, they can instantly stake their ADA tokens using the wallet to contribute to the security of the network and earn rewards on their stake.

One of Lace’s unique features is that multiple assets can be bundled in one transaction and shipped to different addresses. This can help to significantly reduce user costs as only one transaction fee is charged.

The Lace team added that only the browser extension was available in the first release, while work on launching a dApp store and a desktop app was in full swing.

On a side note, a light wallet is a non-custodial wallet where users are not forced to download the entire blockchain, instead the backend server downloads the blockchain data for the user without the user exposing any sensitive data (private keys) to the server and ultimately maintaining security.

Whales gobbled up ADA

Despite ADA’s slow growth over the past week, major addresses showed their affinity for the token. The number of addresses with between 10,000 and 10 million ADAs has steadily increased over the past month.

On the other hand, the number of transactions in which more than $100,000 was transferred to ADA also increased. This indicated that whales seized ADA abundantly.

Source: Sentiment

Realistic or not, here is the market cap of ADA in terms of BTC

Open interest in ADA is declining

The derivatives of ADA did not paint a happy picture. According to Coinglass, ADA’s Open Interest (OI) was 192.31 million at the time of writing, down 5.39% in the 24-hour period.

The financing rates on most exchanges were negative, indicating the dominance of bearish short positions.

Source: Coinglass

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