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- With the Lace 1.7 upgrade, the Cardano network users can now stake and delegate their ADA coins to up to ten staking pools, thus further enhancing the mainnet decentralization outlook.
- In addition to the alteration to the ADA staking, the Lace team announced the new upgrades bring in place notable bug fixes to enable a seamless user interface that enables mainstream adoption of web3 products.
The Cardano (ADA) team led by developers from IOHK Group has made notable improvements to enhance the mainnet and enable its smart contracts to compete with other layer-one blockchains.
In the latest developments, the Lace protocol, a leading web3 wallet developed by the IOHK developers, announced a major upgrade to version 1.7 that brings a new face to the Cardano community.
According to the announcement, Lace 1.7 makes the web3 wallet even better by incorporating more multi-staking and eliminating bugs that were pointed out during the beta phase. On the top list, the Lace 1.7 will enable users to stake their ADA coins in up to 10 staking pools, thus doubling the previous limit of five.
🤗We’re here for you! We might have only just released #LacePlatform 1.7, but when you gave us feedback about a couple of bugs, we wanted to fix them straight away. We’ve also improved interaction with ada handles, you’re welcome. Here’s a quick update before our next full… pic.twitter.com/J6TPi2Iyyr
— lace.io (@lace_io) November 22, 2023
Closer Look at the Cardano’s Lace 1.7 Upgrades
According to the announcement, the Lace team introduced more bug fixes through the 1.7 upgrade and a new balancing feature. With the new face for the Lace web3 wallet, users can be alerted with a warning banner in the staking section if the specific portfolio is drifting, thus allowing the user to re-adjust according to the portfolio preferences.
Additionally, the new Lace 1,7 introduces an upgraded pool alert for retirement and saturation. With enhanced banners, Lace users will not miss anything in multi-delegations.
“As always, we want your experience using Lace to be as silky smooth as possible. With that in mind, we’ve patched up some responsiveness issues and made a couple of UX enhancements – including adding new dynamic buttons to simplify portfolio adjustments and upgrading pool card designs in the portfolio management drawer,” the company noted.
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Some of the notable bug fixes that come with the Lace 1.7 upgrade include a corrected Total Rewards/Last Rewards display in the staking section to enable the users to see accurate and timely data.
With the latest Lace upgrade, users can now rest assured the error that would occur by displaying No Funds in the staking section is addressed for good. The Lace team has also improved the display of long staking pool names among other notable changes.
Market Impact on ADA Price Action
The Lace 1.7 upgrade is a major step towards enabling Cardano decentralization and the mainstream adoption of ADA web3 products. Notably, the total ADA stake in this report is about 22.98 billion through 3,117 staking pools, of which 10.04 million ADA have been distributed in rewards.
As a result, ADA price is preparing to rally exponentially in the coming quarters after a successful breakout from the 2022 crypto bear market. According to our latest market data, ADA price exchanged around 38 cents on Thursday, up over 35 percent in the past four weeks.
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