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Cardano launches new wallet feature to lower transaction costs

Cardano ranks highest in developmental
Cardano ranks highest in developmental

Typhon wallet on the Cardano wallet has received an upgrade that will support transactions on multiple addresses. This shows that users will now have a chance to send with ADA or any other supported cryptocurrencies to several recipients in one transaction.

Cardano’s new wallet feature

The Typhon wallet aims at improving user experiences and reducing transaction costs. The wallet will operate on the Cardano blockchain and support transactions done in CNFTs. CNFT is the native token for this wallet. Moreover, it will also support transactions in tokens whose metadata is registered with the registry.

Input-Output Global (IOG) is also working on other wallets for this blockchain. Besides supporting Typhon and Daedalus, the two wallets that operate on the network, IOG is also working on releasing a Lace wallet that can be used to facilitate all blockchain transactions.

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Users will also have a chance to interact with other organizations and users. The wallet will support peer-to-peer transactions, where data and assets can be transferred between users without using third parties. The other features of the Lace wallet are that it is lightweight and will be a doorway to Web 3.0. IOG plans to release this wallet this summer.

Cardano’s performance

ADA prices have dropped by 5.3% during the past 24 hours. On Tuesday, ADA made a slight gain to reach a 7-day high of $0.52. However, the token has since dropped from these levels, trading at $0.49 at the time of writing. Around 90 projects have been launched on the Cardano network, while more than 1000 projects are currently being built on the platform.

There are 5,868 active non-fungible token (NFT) projects on the Cardano blockchain. Over 2800 Plutus scripts are also running in the chain. More than 5.2 million Cardano native assets have also been created.

The CTO of IOHK, Romain Pellerin, said that 50% of stake pool operators have updated the Cardano Vasil Node 1.35.0. The proposal for the testnet upgrade will be deployed after 75% of stake pool operators register.

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