Cardano (ADA) An update to improve security and interoperability features in the blockchain took place early today.
Cardano (ADA) Gets ‘Valentine’ Update
Dubbed “Valentine,” the update will make improvements to cross-chain functionality for decentralized finance (DeFi) applications built on the network.
The update is said to bring enhanced cryptographic features to Cardano, while improving cross-chain decentralized application (dapp) development on Plutus, the smart contract platform of the Cardano blockchain.
“Interoperability is key to the growth of blockchain. As more DApps are built on Cardano, it is critical that users are not siled into a single ecosystem that allows them to interact with different blockchains and access a wider range of services.”
Cross-chain bridges are software applications that allow transactions to occur between various blockchains.
Such a feature in Cardano will allow developers to create applications that connect Cardano to other blockchains, which will allow users to access other blockchains to easily interact with the financial services offered by Cardano dapps.
Dapps often rely on smart contracts rather than intermediaries to provide financial services such as lending and borrowing to users who use or are rewarded with that dapp’s token.
This will increase the utility of Cardano’s native ADA tokens. Therefore, Wednesday’s upgrade put buying pressure on the tokens, with prices rising 8% over the past 24 hours, outperforming Bitcoin and Ethereum.
The locked value of tokens in Cardano-based dapps has increased by over 100% since the beginning of January to over $110M, indicating demand.
*Not investment advice.
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