Cardano (ADA) blockchain users shall henceforth relish on-chain games utilizing their ADA tokens. The cause of this development is attributed to the recently signed partnership between Cardano and Paima Studios, giving birth to an integration that will enable Cardano users to play blockchain-based games without the need to move their tokens to other networks.
Cardano won't just be a top EVM chain— Paima Studios (@PaimaStudios) April 3, 2023
It will also be a top gaming chain🔥
Paima is a L2 for onchain games with ANY web2 language using ANY game engine
Now live for EVERY Cardano user from ANY wallet
All in pure ADA
Making Cardano a top gaming chain by user count🚀 pic.twitter.com/NNiia22p84
Bridging tokens between different blockchains poses a significant security threat. Hence, Cardano’s new deal is value-adding, and it has the potential to reduce the chances of exploits seen across 2022 when malicious actors took advantage of vulnerabilities in bridging tokens between different blockchains. This integration ensures that every game is non-custodial, indicating that funds remain in the custody of users within their wallets. Thus, there is no need to transfer to the game’s wallets.
Paima Studios’ integration with Cardano does not only provide more secure gaming. It also paves the way for games built on other networks to migrate to the Cardano network effortlessly. Similarly, users of these other networks can enjoy playing games on the Cardano blockchain without the need to move their assets or bridge tokens.
Cardano is doubling down on value-adding partnerships. The integration with Paima Studios is the latest in a series of Cardano network improvements. Soon, Cardano blockchain users will have access to Ethereum Virtual Machine (EVM) smart contracts with any ADA wallet. This is courtesy of the recent release of a new feature by the layer-2 (L2) network, Milkomeda.
It is worth mentioning that both Milkomeda and Paima Studios were seemingly funded through the Cardano Treasury, which also allocated up to $40,000 for each project to help develop the Cardano ecosystem.
Cardano's onchain treasury has had a massive ROI— Sebastien Guillemot (@SebastienGllmt) April 4, 2023
3 largest projects started through its treasury
– dcSpark. 50K USD. Now builds many open source tools across the ecosystem
– Milkomeda. 40K USD. Recent tweet got >3K likes
– Paima. 40K USD. Recent tweet got >1K likes pic.twitter.com/7bAQqXynef
This should not come as a surprise, considering Cardano’s recent track record of accomplishments. On April 3, Cardano founder Charles Hoskinson shared on Twitter that the number of unique wallets participating in staking on Cardano network exceeded those of Ethereum considerably. He also hailed Cardano as “pretty special.”
Cardano is pretty special. It's almost like a lot of people thought about how to build an excellent staking protocol years ago and made it happen pic.twitter.com/SydlMTYyy1— Charles Hoskinson (@IOHK_Charles) April 3, 2023
Cardano’s new developments could strengthen the uptrend for ADA. Cardano’s price (ADA) has recorded an increase in buyer momentum, with large investors, otherwise termed whales, taking the lead. According to Santiment data, this class of token holders has added up to 150 million tokens over the past month.
On-chain metrics show that Cardano whales holding between 1 million and 10 million ADA have taken to a buying spree, accumulating more than $57 million worth of the smart contract platform’s native token in a few weeks.
Crypto analyst Ali Martinez from blockchain analytics platform IntoTheBlock has corroborated this in his recent post.
As reported, retail investors held 66% of the ADA supply, a significant increase from just a year ago when the number was just under 40%. In an April 2 tweet, the firm wrote:
This reveals a strong belief in the asset and its growth potential.
All of these indicate growing whale confidence in the long-term prospects of Cardano, which is committed to providing a scalable and sustainable platform for smart contracts, decentralized applications (dApps), and digital identity.
As more investors continue to notice ADA’s potential, the Cardano price is expected to surge.