- The upgrade mainly implemented cryptographic features to benefit DeFi applications building on the network.
- The token experienced an increase in demand after the upgrade, which caused buying pressure and resulted in an 8% price rise in the past 24 hours.
The Cardano (ADA) blockchain recently introduced a software upgrade called the “Valentine” upgrade. Since its release, the value of the ADA cryptocurrency token has increased. The positive effects of the Valentine upgrade are reflected in the weekly performance chart of ADA, which has shown significant gains that are consistent with the overall health and growth of the Cardano network.
At the time of writing, ADA was trading at $0.4014, representing a 5% increase in value since the upgrade was launched on February 15th.
Happy St. Valentine’s day. 💙
We are pleased to report that the #Valentine upgrade – support for #Plutus SECP cryptographic primitives – is now live on the #Cardano mainnet.
— Input Output (@InputOutputHK) February 14, 2023
According to a tweet from Input Output, Cardano’s parent company, the upgrade was able to enhance security and interoperability. The upgrade was released after the network’s validators approved a proposal in early February to improve cross-chain functionality for DApps on the Cardano. This upgrade was intended to benefit DeFi applications that are being developed on the network.
Interoperability is key for blockchain growth. As more DApps are built on Cardano, it is essential that they are not siloed to just one ecosystem, enabling users to interact with different blockchains and access a wider range of services.
Statement from Input Output/Cardano.
The token experienced an increase in demand after the upgrade, which caused buying pressure and resulted in an 8% price rise in the past 24 hours.
Additionally, the locked value of tokens on dApps built on the Cardano blockchain has surged by more than 100% since the beginning of the year, reaching a value of over $110 million, indicating a growing interest in the platform.
Cardano has been diligently pursuing its goals of technological advancement, which have included the creation of a fully functional public testnet for its Ethereum sidechain subsequent to the launch of its sidechain development toolkit.
Also Read: IOG, CARDANO’S EVM SIDECHAIN DEVELOPER LAUNCHES TOOLKIT- WILL ADA HIT $2 SOON?
It was recently reported that the platform secured the second spot in terms of its development activity on GitHub and was also among the top smart contract-based cryptocurrency projects based on its staking market capitalization. Recently, there were more than 5,000 smart contracts on the Cardano network.