Cardano's Charles Hoskinson Points Out Two Key Developments to Push ADA Price

Charles Hoskinson, Cardano’s founder, has pointed out two vital developments — Cardano Node 8.1.1 mainnet release and Lace 1.2 wallet upgrade. Sharing the update on June 20, Hoskinson is confident that the two main developments have what it takes to significantly boost the Cardano ecosystem and push the ADA price for upside momentum.

Cardano SPOs 8.1.1 has been released for mainnet! 🔥

This update improves node performance at the epoch boundary and corrects previous concerns with P2P/DNS.

It also contains all the performance improvements from 8.0.0. Let’s rock and roll! #Cardanohttps://t.co/Bo0ZyXMXRR

— Rick McCracken DIGI (@RichardMcCrackn) June 19, 2023

Cardano Releases Node 8.1.1 Mainnet and Lace 1.2 Wallet Upgrade

Charles Hoskinson took to Twitter on Tuesday to announce the release of Cardano Node 8.1.1 mainnet and shared his excitement by commenting “moving the chains.” He also mentioned the production of the Lace 1.2 wallet, highlighting the team’s continued efforts to improve the network.

Moving the chains https://t.co/swsG5oSvx3

— Charles Hoskinson (@IOHK_Charles) June 19, 2023

With the development, Cardano Node 8.1.1 for mainnet has major fixes from ouroboros-network for P2P topologies that do not contain DNS names in local roots. As such, the upgrade fixes critical issues related to peer-to-peer network communications and the Cardano-based domain name system. It also brings in the performance improvements from 8.1.0.

In addition to the release of Cardano Node 8.1.1 mainnet, the Lace 1.2 wallet upgrade has introduced some essential new features. These include the ability to organize NFTs in folders, the option to hide and unhide wallet balances, an improved wallet balance calculation, and a dApp connector. According to the developers, the Lace 1.2 upgrade will also bring added performance improvements for token information requests.

Lace 1.2 has been pushed to production https://t.co/dhFz9GAupb

— Charles Hoskinson (@IOHK_Charles) June 19, 2023

Uncertainty Over SEC Skeptics

As part of its ongoing crackdown, the Securities and Exchange Commission (SEC) has classified Cardano as a security. This classification was confirmed by Cardano, Input Output (IOHK), and Emurgo, and is based on their assessment of the initial token sale and subsequent activities related to Cardano.

The lawsuit alleges that buyers of ADA believed they were investing in these entities, anticipating profits from certain development efforts and an increase in token value.

✅ ADA, SOL & MATIC Prices Crushed by SEC’s Security Classification, But These Metrics Show These Blockchains Are Far From Dead

✳️ Cardano (ADA), Solana (SOL) and Polygon (MATIC) were amongst the dozens of cryptocurrencies named as securities in this week’s double whammy of US… pic.twitter.com/eUqJ9FL4SW

— Sheldon Wolf (@SheldonPastBit) June 12, 2023

This recent designation of Cardano as a security by the SEC, along with other regulatory concerns, has resulted in a downward trend in its price. This trend could be concerning, especially since Robinhood is reportedly considering ending its support for cryptocurrencies such as Cardano, Solana, and Polygon.

Robinhood announced on June 9, 2023 that it would be delisting three cryptocurrencies: Cardano $ADA, Solana $SOL, and Polygon $MATIC.

The company cited the U.S. Securities and Exchange Commission’s (SEC) recent enforcement actions against Binance and Coinbase as reasons for the… pic.twitter.com/ouvXltSOUW

— ElonTrades (@ElonTrades) June 11, 2023

Cardano, through Input-Output Global (IOG), was quick to respond, indicating that ADA has never, for once, appeared as a security under the securities law of the U.S.

However, Cardano’s network activity surges each day amid such uncertainties. There is a clear indication of dedication toward innovation and progress, which could be promising for the price outlook of the token.

ADA Price Moves for Recovery

Following the U.S. SEC’s referral to Cardano as a security in lawsuits against crypto exchanges Binance and Coinbase, there was a significant drop in ADA’s price from $0.38 to $0.23. However, despite this setback, there has been a surge in trading activity for Cardano, which could potentially act as a driving force behind ADA’s value.

The recent developments, including the release of Cardano Node 8.1.1 mainnet and the Lace 1.2 wallet upgrade, could have a positive impact on ADA’s price. It’s possible that the price may recover to the resistance level at $0.35, especially with the continued dedication of the Cardano community to improving the network. 

As of the time of writing, the price of Cardano has fallen 0.15% over the past 24 hours and is currently trading at $0.2595. However, the trading volume has increased by 27.63%, indicating that traders are still interested in the token despite recent setbacks. 

Despite recent uncertainties and challenges, there is still a general sense of optimism surrounding the developments in the Cardano ecosystem. Many in the community believe that these developments have the potential to positively influence the price of ADA. It will be interesting to see how the market continues to respond to these developments and what the future holds for Cardano and its community.

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