- Bitrue became the first cryptocurrency exchange to support native assets on the Cardano blockchain.
- It achieved this through the listing of OccamFi’s native token OCC which is both an ERC-20 token and a Cardano Native token.
- Native assets on Cardano do not require smart contracts to be minted or stored, unlike Ethereum’s ERC-20 tokens.
- Cardano is currently trading at $1.04 and retains its place as the 5th largest cryptocurrency with a market capitalization of $33.4 billion.
Cardano isn’t slowing down in its development as it continues to come up with new and ingenious offerings for its community. The development of native tokens on the network has seen Bitrue take steps to become the first cryptocurrency exchange to offer support for native assets on Cardano’s blockchain.
According to the Singaporean-based crypto exchange, the first Cardano native token to be supported will be $OCC, the native token for OccamFi. Cardano has received the short end of the stick for its “slow” development but has defied all expectations by providing regular updates for its community.
Bitrue Becomes The First Exchange To Support Cardano Native Assets
Bitrue has announced that it will begin supporting native assets on the Cardano blockchain in a move that makes it the first cryptocurrency exchange to do so. The Singaporean-based exchange stated that it will begin supporting before the end of July.
The exchange further disclosed that OCC, the utility token of OccamFi, will be the first token. It will be issued as an ERC-20 token and as a Cardano native token.
Adam O’Neill, the Chief Marketing Officer of Bitrue hailed the move as a “fantastic leap” and “the intrinsic capabilities of the Cardano chain will lend a lot of power to any project that is building on it.
The team at Cardano will be excited to have a top exchange like Bitrue supporting native assets on the blockchain; the decision will open the floodgates to more exchanges. By supporting native tokens users can “deposit and withdraw both ERC-20 and Cardano forms of OCC to Bitrue as they wish”, according to the exchange.
Cardano Native Asset vs Ethereum
Cardano’s Mary protocol upgrade was an epoch-making event for the network as it introduced native tokens. These native tokens ushered in multi-asset support to Cardano and are indispensable in cutting costs and increasing liquidity.
A major difference between Cardano’s native tokens and ERC-20 tokens is that Cardano’s native tokens do not require smart contracts to handle transactions, minting, or storage. An ingenious secure and cost-effective way around this is the use of the accounting ledger to keep track of the ownership and asset transfers.
On The Flipside
- Cardano’s foray into native tokens may see it play second fiddle to Ethereum which already has the first-mover advantage with its popular ERC-20 tokens.
- There are over 800 projects based on ERC-20 token standard and Cardano will have a lot of catching up to do.
Cardano has often been described by critics as being slow in terms of developments but recent milestones have shown that the reverse might be the case. In recent months, Cardano has notched impressive technological growth with the latest being the Alonzo Upgrade. IOHK announced the upgrade of the Alonzo testnet to Alonzo White, bringing the network towards the age of smart contract functionality.
With mainnet deployment scheduled for September, Cardano is stepping on the pedal as it seeks to roll out new features for its users.
Cardano’s impressive development recently saw it hit the 1 million wallets milestone mark and over 70% of Cardano’s circulating supply has been staked in over 667,000 staking addresses. Cardano is trading at $1.04 and retains its place amongst the top 5 largest cryptocurrencies.