On Valentine's Day, Cardano is scheduled to receive a significant performance upgrade, ADA boom coming?
The revelation has been confirmed by Cardano maintainer IOG, which will likely thrill the horde of ADA supporters. The long-awaited renovation has been slated for Valentine’s Day, according to Rebecca...
The revelation has been confirmed by Cardano maintainer IOG, which will likely thrill the horde of ADA supporters. The long-awaited renovation has been slated for Valentine’s Day, according to Rebecca Hopwood, the community organizer at IOG.
The Cardano chain will receive new Plutus SECP cryptographic primitives as part of the SECP update, now known as “Valentine.” A united technical team from Input Output, the Cardano Foundation, and EMURGO presented the proposal on Thursday following a testing period in a simulation of real-world performance and tight coordination with stake pool operators (SPOs), programmers, and exchange engineering teams. The upgrade is anticipated to go into effect on February 14 at 21:44:51 UTC.
February 14th ♥️ #Cardano #Valentine 👍@InputOutputHK
More on the upcoming upgrade here: https://t.co/PStDYIRsP4 pic.twitter.com/WBmQwIS3tP
— Tim Harrison (@timbharrison) February 9, 2023
“We are thrilled to announce that the Valentine upgrade is finally upon us, marking a critical milestone in the evolution of the Cardano network,” IOG’s Hopwood posited.
By upgrading, the Cardano mainnet will switch to protocol version 8. Users of Cardano nodes and SPOs must update their nodes’ newest version. Notably, after the update goes live, versions older than 1.35.4 won’t be compatible with version 8 and won’t function on the mainnet.
The Cardano community is expected to benefit from the Valentine upgrade in several ways, including better cross-chain dapp development and increased interoperability. Cardano’s functionality will let programmers make apps that link Cardano to other chains. As a result, users of other chains could interact with Cardano dapps’ financial services without difficulty.
The Cardano network has recently released some updates, the most recent being the Valentine upgrade.
Due to the release of Djed (DJED) earlier this month, the network’s overcollateralized stablecoin from DeFi service provider COTI, interest in Cardano DeFi has skyrocketed. Djed is backed by Cardano’s native token, ADA, and is pegged to the US dollar. It requires more than 400% in collateral value to be posted before it is issued to a user and uses the Shen (SHEN) token as its reserve coin.
As a result of these network upgrades, supporters of Cardano are still upbeat about ADA’s future development. However, the U.S. SEC’s continuous crackdown on cryptocurrency staking has analysts largely expecting a downward price movement for the coin in the near term. The cryptocurrency industry has been rocked by the news that crypto exchange Kraken would immediately stop using its staking technology and pay $30 million to resolve SEC complaints.
ADA/USD 4-hour chart | Source: TradingView
At the time of publication, ADA’s price was $0.359, down more than 5% from the previous day.
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