Ledger To Support Over 100 Cardano-Based Tokens
- Ledger now supports over 100 cryptocurrencies based on the Cardano blockchain, expanding its support for ADA users
- The 100 tokens will be available via the Ledger Live application and will leverage the security of the Ledger Nano device
- The tokens that the hardware wallet will support include ADAX, DANA, DRIP, FIRE, and CLAP among others
France-based digital asset hardware wallet solutions providing giant Ledger has decided to expand its support for the Cardano ecosystem.
As per the recent announcement, Ledger has added the support of 100 Cardano’s native tokens on its Ledger Live app, leveraging Ledger Nano’s security. The newly added tokens include ADAX, DRIP, DANA, and CLAP, among others, Ledger revealed.
“The support for additional Cardano native tokens will provide [users] with secure and seamless access to the wider Cardano ecosystem.”
The company also noted that the tokens were selected on the basis of the number of transactions performed over a specific period of time rather than on the basis of their market cap. The announcement reads:
“The selection was made without any bias, based and on-chain data.”
Notably, Cardano native tokens are cryptocurrencies built on the Cardano blockchain. These tokens commonly behave the same way as the principal currency ADA does and benefit from the Cardano Network’s features like speed, security, and low transaction costs. However, ADA is used for exclusive purposes like paying the transaction fees.
Interestingly, Cardano has over 5 million tokens in its ecosystem. Cardano network provides tools and technologies to “changemakers, innovators, and visionaries” to create and distribute native tokens without writing complicated code or expensive smart contracts.
In its announcement, Ledger also hinted that more Cardano native tokens would be listed in the future by stating:
“100 native Cardano tokens just made their way to your Ledger Live app… There are many more Cardano tokens, but for now, we decided to support these 100 tokens first.”
Despite the recent fall faced by the crypto market, on-chain activity in the Cardano ecosystem has increased significantly.
More than 5% more transactions were placed on the Cardano blockchain in June than there were in May, totaling a record 44.8 million. ADA addresses and native assets on the blockchain increased as well, hitting 3.42 million and 5.4 million, respectively.
Notably, the recent announcement comes a few months after Ledger, which manufactures hardware wallets: Ledger Nano X, Ledger Nano S, and Ledger Nano S Plus, added support for Cardano (ADA) to the Android version of Ledger Live.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
