• Cardano’s Valentine upgrade is now live, pushing the token’s price up 5%.
• The upgrade was aimed at improving security and interoperability.
• The locked value of tokens on Cardano-based dApps increased over 100% since the start of the year to over $110 million.
Cardano Releases Valentine Upgrade
The Cardano (ADA) blockchain has released its Valentine upgrade, and the token has seen positive gains as a result. The network’s parent company, Input Output, announced that this upgrade would help improve security and interoperability for DeFi applications building on the network.
Valentine Upgrade Impacts ADA Price
The release of the Valentine upgrade sent ADA’s price up by 5%, with it trading at $0.40 at press time. This follows an early February proposal from validators to improve cross-chain functionality for DApps on Cardano which contributed to this price increase.
Locked Value of Tokens Increase
The locked value of tokens on Cardano-based dApps have also risen significantly since January 2021, with it increasing beyond $110 million – a rise of over 100%. This indicates increased demand in assets built on top of the blockchain and shows increased adoption among users.
Cardano Ranks Second in GitHub Development Activity
Not only is Cardano seeing improvement in its valuations but also in its development activity, with it ranking second in GitHub development activity amongst other smart contract cryptocurrency projects by staking market capitalization. Additionally, there are now more than 5000 smart contracts running on their mainnet.
Overall, these developments indicate that Cardano is making strides towards bettering itself technologically and remain competitive within the smart contract space whilst continuing to attract users to build applications atop its platform – helping push both its valuation and usage higher for all stakeholders involved.