Cardano rallies after Valentine upgrade goes live
The Cardano (ADA) blockchain released the Valentine upgrade, and the token has risen on the release.
Valentine upgrade makes impact
ADA’s weekly chart shows positive gains that align with the network’s Valentine (SECP) upgrade. As of press time, ADA was trading at $0.40, a gain of about 5% since the upgrade went live on Feb. 15.
Input Output, the platform’s parent company, said in a Feb. 15 tweet that the Valentine upgrade was aimed at improving security and interoperability.
In early February, the network’s validators passed a proposal to improve cross-chain functionality for DApps on the Cardano. As a result, the upgrade was launched to benefit DeFi applications building 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 upgrade created buying pressure on the token, and the price went up 8% in the last 24 hours.
The locked value of tokens on Cardano-based dApps increased over 100% since the start of the year to over $110 million, indicating increased demand.
Cardano has been working hard to achieve its technological advancement goals, including launching a fully operational public testnet for its Ethereum sidechain. This was after the release of its sidechain building toolkit.
The platform recently ranked second in its GitHub development activity and was among the leading smart contract cryptocurrency projects by staking market capitalization.
The number of smart contracts on the Cardano recently exceeded 5,000.