Emily Walker
During a live stream on January 29, Cardano’s founder Charles Hoskinson provided an extensive update on the new features of the Lace wallet. He shared insights on accelerated release schedules, planned Firefox support, and upcoming Bitcoin integration. Referring to January as a challenging month, Hoskinson discussed his direct involvement in testing Lace’s enhancements and reiterated Cardano’s ambitious plans for 2025.
Significant Enhancements for Cardano’s Lace Wallet
Hoskinson revealed that the Lace team has implemented structural changes to expedite product launches. “We have just rolled out version 1.19. You might have noticed a significant increase in the frequency of Lace updates, as we are finally addressing issues that have been lingering for a while. Credit goes to Brandon Wolf’s excellent guidance and our restructured team dynamics,” he stated.
This revised framework is fostering a quicker deployment methodology—characterized by hoskinson’s mantra of “ship fast, ship often”—leading to the introduction of numerous new features for users.
A highlight of the announcement was the planned support for Firefox, expected shortly. Hoskinson confirmed that Bitcoin compatibility is also on the way, stating: “We anticipate having Firefox support in the next two to four weeks, with Bitcoin integration coming soon thereafter.”
The new Lace version 1.19 includes a dapp Explorer designed to enhance how users find and engage with decentralized applications built on Cardano. Hoskinson emphasized that this Explorer marks the first step towards a more comprehensive dapp store: “We opted to launch it as a dapp Explorer initially, and we plan to gradually expand its functionalities.”
The dapp Explorer connects with platforms like MinSwap and Sunday Swap, showcasing efforts to simplify crypto transactions for users. During live testing, Hoskinson demonstrated the Explorer by purchasing various tokens, emphasizing that improvements have reduced transaction confirmation times from hours to mere seconds.
To boost user security and experience, Lace now features PGP-encrypted paper wallets, which Hoskinson touted as the most reliable backup option. He presented his paper wallet as an example, noting: “This is my paper wallet, encrypted with my PGP key. While you can monitor it, nobody can access its contents.”
Lace also introduces “Nami mode,” enabling users to retain familiar functionalities of the Nami wallet. Hoskinson acknowledged that this feature was not immediately intuitive during his testing, highlighting the team’s commitment to enhancing the user interface. The release also showcases initial multisig capabilities and support for delegating across multiple stake pools, contributing to Cardano’s expanding DeFi ecosystem.
Development for Lace is extending beyond browser extensions, with a dedicated mobile app in the works. Hoskinson emphasized the ease of syncing features between desktop and mobile, promising minimal lag in accessing functionalities. Additionally, he shared plans for an identity center aimed at streamlining KYC processes: “Rather than repeating KYC, a Lace ID will allow partnered entities to accept my identity seamlessly.”
As he concluded his demonstration, Hoskinson discussed Cardano’s progressive governance features. The upcoming Plomin hard fork, set for January 29, will introduce a mechanism for community voting on a Cardano constitution and budget for the year. He also elaborated on forthcoming advancements, including sophisticated oracles, frameworks for stablecoins, and the Midgard protocol from Anastasia Labs, which he described as having the potential to enhance Cardano’s DeFi framework significantly.
“All components are aligning, creating a comprehensive ecosystem that increasingly focuses on user-friendliness with each update,” he remarked.
Reflecting on the strides made, Hoskinson forecasted that the next stages for Cardano would be “significantly transformational”: “We’re just starting January. I am eager to see how the year progresses.”
As of the latest update, ADA is valued at $0.9155.