ADA is a cryptocurrency that is native to Cardano. It can be utilized as a method of payment or value transfer conducted exclusively via transactions to and from addresses on the Cardano blockchain.
Cardano multi-assets have been developed using similar programming logic to ADA coin with some differences. Currently, there are thousands of multi-asset running on Cardano, helping to promote innovation, grow adoption, and power decentralized applications (Dapps) and smart contracts within the wider ecosystem. These multi-assets developed by the community and traded on the Cardano network provide a diverse set of utilities that are unique to Cardano.
Please note some Exchanges and 3rd party wallets do not support Cardano multi-assets hence sending Cardano tokens to an Exchange that does not support Cardano native assets may result in the loss of tokens.
Cardano multi-asset scenarios for the end-user
Scenario 1: Sent multi-asset to the wrong address
If Cardano tokens have been sent to an incorrect address it can be assumed that those tokens are lost unless the sender knows the receiver of the tokens and can contact them directly to ask if they can return the lost tokens.
Please note Tokens and native assets and Cardano are directly linked to ADA in that they transact using the same principles hence Cardano Team cannot retrieve lost tokens. Only the owner of the destination wallet and private keys has permission to return tokens. It is imperative that you check the address is correct prior to send Cardano tokens
Scenario 2: Sent multi-asset to Exchange or third party wallet that does not support it
If tokens are mistakenly sent to an address on an Exchange and you don't see those tokens arrive it's most likely due to the Exchange not supporting tokens on Cardano. Currently, there are only a few Exchanges supporting tokens on Cardano and so please be careful when sending.
If this happens the best option is to contact the Exchange directly and provide them with:
- source address
- destination address.
- The following documentation on Cardano docs here should help locate the asset and hopefully the exchange return the asset to you.
Please note: The Cardano Team cannot retrieve these tokens on your behalf. Only the owner of the wallet and its private keys have the necessary permissions to return tokens. Hence it is imperative to check if the exchange or 3rd party wallet supports tokens on Cardano prior to sending them otherwise you will lose them
Scenario 3: Receive multi-asset to an address in my Daedalus wallet
Congratulations! you have received some tokens either on purpose or by accident.
Please note: Unwanted tokens should be returned to the sender. In some instances, an issuer will have a burn address where tokens can be sent to be destroyed
Scenario 4: Exchange and 3rd party wallet
For Exchange multi-asset scenarios please visit the following page Cardano docs