Ledger Expands Support For 100 Native Cardano Tokens

Ledger, a leading manufacturer of hardware wallets, has increased support for the Cardano ecosystem by enabling users to handle 100 of these native tokens on their Ledger Live app while utilizing the Ledger Nano’s security.

Ledger increases Cardano support

Cardano native tokens are assets created on the Cardano blockchain, as their name suggests. These assets take advantage of the network’s characteristics and generally operate similarly to ADA. On Cardano, ADA is the main currency utilized for specific tasks like paying transaction fees.

According to the announcement, the newly added cryptocurrencies include, among others, ADAX, DANA, DRIP, FIRE, and CLAP. Ledger noted that the tokens were not selected based on their market capitalization but by the number of transactions performed over a given period.

The Cardano ecosystem contains more than 5 million tokens. The network enables developers to produce and distribute native coins devoid of costly smart contracts or bespoke software. The maker of the hardware wallet made a suggestion that more Cardano native tokens would eventually be featured.

“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,” the company said.

Meanwhile, the new listing comes just a month after Ledger added full support for Cardano, allowing users to send, receive, and manage ADA directly from Ledger Live.

Cardano notices network expansion

Despite the recent market collapse, on-chain activity in the Cardano ecosystem has increased significantly.

More than 5% more transactions were place on the Cardano blockchain in June than there were in May, totaling a record 44.8 million. The number of native assets and ADA addresses on the blockchain increased as well, hitting 3.42 million and 5.4 million, respectively.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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