Cardano shares its blockchain for Bitrue’s native assets
- Bitrue was the first cryptocurrency exchange to support native assets on the blockchain.
- This was achieved by listing OccamFi’s OCC native token, which is both an ERC-20 token and a Cardano native token.
- Native assets on Cardano do not require minting or storage of smart contracts, unlike Ethereum’s ERC-20 tokens.
- Cardano is currently trading at $ 1.04 and retains its place as the fifth largest cryptocurrency with a market cap of $ 33.4 billion.
Cardano is not slowing down its development as it continues to develop new and ingenious offerings for its community. The development of native tokens on the network has led Bitrue to take steps to become the first cryptocurrency exchange to offer support for native assets on Cardano’s blockchain.
According to the Singapore-based crypto exchange, the first native Cardano token supported will be $ OCC, the native token for OccamFi. Cardano got the short end of the stick for its “slow” development, but has broken 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 start supporting native assets on the Cardano blockchain to make this the first ever cryptocurrency exchange. The Singapore-based exchange announced that it will start assisting before the end of July.
The exchange also announced that OccamFi’s utility token, OCC, will be the first token. It is issued as an ERC-20 token and as a Cardano native token.
Adam O’Neill, Bitrue’s chief marketing officer, praised the move as a “fantastic leap” and “the intrinsic capabilities of the Cardano chain will add great power to any project that builds on it.
The Cardano team will be happy to have a top exchange like Bitrue that supports native assets on the blockchain. the decision will open the floodgates for more exchange. By supporting native tokens, users can “deposit and withdraw both ERC-20 and Cardano forms of OCC as they wish on Bitrue,” according to the exchange.
Cardano Native Asset vs.
Cardano’s Mary protocol upgrade was a landmark event for the network when it introduced native tokens. These native tokens heralded Cardano’s multi-asset support and are essential for reducing costs and increasing liquidity.
A key difference between Cardano’s native tokens and the ERC-20 tokens is that Cardano’s native tokens do not require smart contracts to handle transactions, minting or storage. An ingenious safe and inexpensive way to get around this is to use the accounting book to keep track of property and asset transfers.
On the downside
- Cardano’s foray into native tokens could lead it to play second fiddle behind Ethereum, which already has the first mover advantage with its popular ERC-20 tokens.
- There are over 800 projects based on the ERC-20 token standard and Cardano will have a lot of catching up to do.
Cardano has often been described by critics as slow to develop, but recent milestones have shown that the opposite could be the case. In the past few months, Cardano has seen impressive technological growth, the most recent being the Alonzo upgrade. IOHK announced the upgrade of the Alonzo testnet to Alonzo White, bringing the network into the age of smart contract functionality.
With the mainnet provision planned for September, Cardano is stepping on the pedals to introduce new functions for its users.
Cardano’s impressive development recently hit the 1 million wallet milestone, and over 70% of Cardano’s circulating supply was staked to over 667,000 staking addresses. Cardano is trading at $ 1.04 and retains its place in the top 5 largest cryptocurrencies.
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