04 May 2023
Cardano Monthly report - April 2023
We look back at the highlights in the Cardano ecosystem in April.
April was another busy month in the Cardano ecosystem. Here's a closer look at some of the key events.
IOG, the development lab behind Cardano, released Lace Wallet, its first native wallet for the Cardano network. The browser-based wallet is similar to the popular MetaMask product and enables users to access the Cardano network directly, allowing them to use Cardano-based decentralized applications, send and receive ADA digital assets, Cardano non-fungible tokens, and Cardano-native tokens. With Lace, users can also stake ADA tokens directly from the wallet, thus contributing to the security of the network and receiving rewards for their participation. Developers expect to add fiat-to-crypto on-ramps, a dapp store, in-wallet swaps, and staking enchantments in future releases. Read our full outpost here
Book.io a project committed to making books and media in different forms live on-chain, secured investment from billionaire investor Mark Cuban. Book.io mints books as non-fungible tokens (NFTs) on different chains, with most titles resident on Cardano, according to its book minting page. Cuban not only invested money into the outfit but also provided invaluable advice and helped the firm generate connections. Book.io's growth path has attracted other investors like the Ingram Content Group.
Paima Studios released a new cross-chain network integration that allows Cardano users to play on-chain games using ADA tokens and users of other networks to play Cardano-based games. Paima is a layer 2 network, bundling transactions to a base blockchain for faster speeds and cheaper costs, which allows Cardano users to play any blockchain-based games without bridging tokens to another network. Moreover, Paima supports the migration of games built on other networks to Cardano, enabling users of those networks to play games based on Cardano without transferring assets. All games on the Paima network are non-custodial, mitigating security risks.
CEO Frederik Gregaard shared the Cardano Foundation's first annual report, which looks back on its achievements throughout 2022. The report highlights several milestones reached, including the technical assistance provided by the Cardano Foundation in the lead-up to the Vasil hard fork, establishing the basis for the nationwide use of blockchain in the supply chain of Georgian wine, and contributing to showcasing the versatility of NFTs. In 2022, the Cardano Foundation also inked landmark partnerships and collaborations with Switzerland for UNHCR, the Georgia National Wine Agency, Veritree, and the University of Zurich. Over the past year, the Cardano Foundation supported the development and maintenance of Ogmios, a lightweight bridge interface tool. The launch of the decentralized application backend (DAB) solution by the Cardano Foundation and EMURGO brought several benefits to Cardano's developer community.
ADA, like much of the crypto market, rallied in the middle of the month. In general, ADA performed better than other alt coins during this market recovery. Much of these gains where given back as April came to a close with ADA being only slightly up from where it started the month.
These developments in the Cardano ecosystem indicate the network's growth and its potential to attract more users and investors. The launch of Lace Wallet, cross-chain network integration, and Cardano's first annual report showcase the network's progress towards building a robust infrastructure, supporting the growth of decentralized applications, and fostering innovation. The investment from Mark Cuban into Book.io also highlights the potential for Cardano to attract prominent investors and secure funding for promising projects. With more developments expected in the coming months, Cardano could become an increasingly attractive option for those seeking to build decentralized applications and participate in the crypto economy.
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