- Blockchain.com has integrated the Cardano (ADA) network into its DeFi Wallet, emphasizing that users can now control their ADA assets without third-party bridges or wallets.
- Following the announcement, Cardano’s ADA price surged past its May highs to $0.87, with analysts forecasting a potential rally toward $1 or even $1.31.
Blockchain.com has listed the Cardano (ADA) network on its DeFi Wallet, opening access to its 37 million users. The action is regarded as a major step towards the expansion of Cardano in the field of decentralized finance (DeFi). It might open the doors toward wider use of its native assets and applications.
Cardano Founder Charles Hoskinson Reacts To The News
“Starting today, the Cardano network (ADA) is now available in the Blockchain.com DeFi Wallet,” the company announced in a blog post. This means users can now send, receive, and hold ADA directly from their DeFi Wallet, in addition to other major networks like Bitcoin, Ethereum, and Solana.
It will also support Cardano Native Assets (CNAs), which denote the diverse range of tokens created on the Cardano blockchain, including stablecoins, utility tokens, and meme coins. As of the end of January 2022, Blockchain.com records more than 80,000 CNAs that have been minted since the inception of the tokens.
Cardano is often referred to as a third-generation blockchain, known for its focus on scalability, sustainability, and energy efficiency. It’s Ouroboros proof-of-stake consensus mechanism offers faster and lower-cost transactions with a minimal environmental impact. These features are becoming increasingly important to developers and institutions alike.
In response, the founder of Cardano, Charles Hoskinson, expressed his excitement over the collaboration via X (previously Twitter). He wrote,
Welcome Cardano to Blockchain.com’s 37 million users. Congratulations to the Midnight Foundation for the great negotiations.
Blockchain.com reminded users that now users will have an opportunity to control their Cardano holdings inside the app without using third-party wallets or connecting cross-chain bridges. The blog statement also stated that it does not require external wallets or bridges and merely updates the DeFi Wallet to enable transacting on the Cardano platform. Cardano founder Charles Hoskinson has also been hunting for a DeFi-powered payment card, as mentioned in our previous article.
The company could also be dropping some hints about future airdrops and projects on Cardano and its sidechains. This suggests that more value could be unlocked for ADA holders soon.
ADA Price Breaks Out, What’s Next?
Cardano’s native crypto ADA has been showing strength with 17% upside over the past week, as reported by CNF.
The market responded quickly to the news, with the ADA price surging to $0.87, and it surpassed its May high. Crypto commentator Sssebi wrote on X: “This is HUGE, $ADA trend just flipped mega bullish. We could literally see $1 this weekend and above.”
Another analyst, Ali Martinez, supported the optimism and noted that a close above $0.85 on the daily chart would push the Cardano price to the next strong resistance at $1.31. Optimism is building around the potential launch of an ADA ETF, which has 81% approval odds on Polymarket.
Whilst the derivatives market shows positive signals. The ADA Open Interest surged 11.84% to $1.64 billion. Also, short liquidations soared to $8.04 million, according to CoinGlass. This indicates that purchasing pressure is increasing as short traders buy back positions to minimize losses amid the price rebound.
