On Monday (July 19), Singapore-headquartered cryptocurrency exchange\u00a0Bitrue\u00a0announced that before the end of this month it intends to become the first exchange to offer support for native assets on the Cardano blockchain.<\/p>\n
Unlike with Ethereum, which requires smart contracts (i.e. custom code) for creation of user-defined tokens, Cardani offers native support for user-defined tokens. This support was introduced with the \u201cMary\u201d protocol upgrade, which went live on Cardano\u2019s mainnet on March 1.<\/p>\n
As IOHK explained in a blog post published on February 18, \u201cnative support grants distinct advantages for developers as there is no need to create smart contracts to handle custom token creation or transactions,\u201d which means that \u201cthe accounting ledger will track the ownership and transfer of assets instead, removing extra complexity and potential for manual errors, while ensuring significant cost efficiency.\u201d<\/p>\n
In an article posted earlier today on its website, Bitrue said that the first user-defined Cardano token to be supported would be $OCC, the utility token of OccamFi, which is \u201ca suite of DeFi solutions tailored for Cardano.\u201dThis support will be added by Bitrue \u201cbefore the end of July 2021.\u201d<\/p>\n
According to the OccamFi team, $OCC token holders may \u201cparticipate in liquidity mining through OccamRazer pools\u201d and stake $OCC tokens to gain access to private OccamRazer pools. <\/p>\n
Bitrue went on to say:<\/p>\n
\u201cUsers will be able to deposit and withdraw both the ERC20 and Cardano forms of OCC to Bitrue as they wish, and trade them in a unified market for OCC. In this way Bitrue will also be acting as the pioneering location for users worldwide to trade for and hold a Cardano native asset.<\/em>\u201c<\/p>\n Last week, crypto analyst Benjamin Cowen explained in a video released on his popular YouTube channel why he believes that the $ADA price has not \u201cdropped more\u201d despite the crypto market\u2019s bearish mood. Cowen said that Cardano is the easiest Proof-of-Stake (PoS) blockchain for both validators and delegators.<\/p>\n According to a report by The Daily Hodl, he said:<\/p>\n \u201cGiven the current market conditions \u2013 why has it not dropped more? \u2026 I\u2019ve explored running validators on a lot of networks, and I think Cardano is the easiest. It\u2019s the easiest for validators for sure, and I think it\u2019s relatively easy for delegators as well<\/em>\u2026<\/p>\n Cowen also notes that staking $ADA is easy, which could explain why currently over 70% of $ADA\u2019s circulating supply is staked. <\/p>\n He seems to think that $ADA holders are either holding or adding to their stack, which helps to reduce selling pressure:<\/p>\n