Cardano Daedalus Bringing A Ton Of Blockbuster Features To The ADA Ecosystem

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  • Cardano’s team has launched the latest version of the Daedalus wallet.
  • The new version is a vast improvement from the former, fixing issues like blockchain verification progress.
  • Since the launch, ADA has recorded a small increase in value and currently has a market capitalization of $37.8 billion.

Cardano’s team is not relenting in making improvements on the network and the latest update has the community buzzing with excitement. The team improved upon Daedalus, a secure wallet for the Cardano ecosystem.

The Improvement Of The Daedalus

Input-Output Hong Kong (IOHK), the body behind the development of the Cardano network has released the latest version of its open-source wallet called Daedalus 4.8.0. The release went live on Feb 3rd and “integrates the latest version of Cardano node v1.33.0,” according to the release notes.

The wallet upgrade improves in several areas including minor fixes and goes on to revamp the user interface for a seamless experience. The upgrade introduces a splash screen and gives users an option to add another configuration to the Cardano node runtime system. While this option is only available to computers with less than 16GB ram, it reduces memory usage and sends prompts for system requirements.

Daedalus 4.8.0 fixes issues like blockchain verification progress by ensuring that syncing is displayed correctly for an enhanced experience. IOHK issued a stern warning that Daedalus is a full-node wallet and is only available on desktops, and any mobile Daedalus is a scam that is designed to steal users’ seed phrases and ADA holdings. For an added layer of protection, users are encouraged to download the wallet from only official sources.

Since the release of the upgrade, ADA has spiked by an impressive 6.25% while transaction volumes have received an upward momentum that keeps it ahead of Solana. As a full node wallet, Daedalus downloads the entire Cardano blockchain and confirms all transactions independently. Since its launch, the wallet has grown in popularity and plays a key role in Cardano’s ecosystem.

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Cardano’s Dog Fight

After Cardano’s stellar run in 2021 that saw it rank third place by market capitalization, the asset has experienced a downward trend. This is largely due to the resurgence of other chains like Binance Smart Chain and the growth of stablecoins like Tether and USD Coin.

The promise of smart contracts on Cardano after the Alonzo upgrade and the network’s energy efficiency whipped a ton of publicity for the network but it has been an uphill task. ADA trades at $1.13 which is a decline of 63.90% from its all-time high of $3.10.

At the moment, there are over 900 smart contracts that are live on the Cardano network but they are focused largely around DeFi. The network is going on to forge stellar partnerships in Africa in a bid to provide digital identities for Africans to take advantage of the new financial system.