Cardano News: Hoskinson Predicts Lace Wallet Will Be a Powerhouse in 2025

• Cardano’s Lace wallet aims to transition Nami users seamlessly, leveraging its popularity while introducing advanced functionalities.
• While the move aims to strengthen Cardano’s wallet ecosystem, concerns over monopolization and reduced competition within the community have been raised.

Charles Hoskinson, founder of Cardano (ADA), predicts the lightweight wallet Lace, developed by Input Output, to be a “powerhouse” as part of the ecosystem by 2025. This is a prognostication as users switch from the popular Nami wallet to Lace.

Cardano’s Charles Hoskinson Reflects On Lace

Hoskinson shared his view on Tuesday, December 24, highlighting the momentum Lace has recently gained. “Lace finally has some momentum. I’m extremely glad to see Nami mode working so well. Lace in 2025 will be a powerhouse for the Cardano ecosystem,” he said on X (formerly Twitter).

Lace Wallet will present its benefits through additional features, including improved security, bundling of transactions, and access to governance. A wallet that can be very accessible to the Cardano network was envisioned through its Lace design. This wallet is currently available as a browser extension, but it has plans for a mobile application in the future.

For further context, Input Output incorporated the Nami wallet into its operations in 2023. It integrated Nami’s user interface into Lace to retain familiarity for existing users while introducing advanced functionalities. Nami, which has over 200,000 users, has been a popular choice in the Cardano community.

Moreover, the creator of Nami, Alessandro “Ales” Konrad, came out to state that he was part of the decision to hand over the wallet to Input Output. He expressed confidence in the developers and stated that Nami had grown more than he could have imagined.

While the transition aims to enhance the wallet ecosystem, there have been some voices coming from the Cardano community regarding Input Output’s dominance in this space. Acquisitions can be a step toward monopolization and could potentially limit diversity and competition.

Hoskinson’s comments reflect optimism about how Lace might have an impact, particularly as it is rolled out to Nami holders. Input Output has introduced Lace as a comprehensive and secure way to interact with Cardano, seeking to entice a more general user base. Earlier this month, Hoskinson hinted at a major governance overhaul for the entire ecosystem, per the CNF report. 

Recent ADA Price Action

Amid these discussions, Cardano’s price has continued suffering from a bearish trend. On Thursday, December 26, the ADA price dropped by 5.34% to $0.8703 at the time of writing. Furthermore, the ADA trading volume plunged 18.87% to $742.33 million today, reflecting a declining interest in the token.

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In addition, the derivatives market also shows a pessimistic outlook. According to Coinglass statistics, the Cardano open interest has dipped by 5.56% to $625.91 million in the last 24 hours. Furthermore, the ADA’s long liquidations amounted to $1.57 million, signaling a bearish sentiment in the market. These liquidations could further weigh on the current ADA price downtrend.