Cardano Approaches Another Major Upgrade As ADA Rallies

Cardano approaches another major upgrade while ADA rallies and gets ready to compete with Ethereum. However, other metrics still show that ETH is the king so let’s read more in our latest Cardano news.

The Cardano foundation coin ADA hit an all-time high of $0.97 and started the year trading at $0.18 which marks 438% gains year to date. Apart from the macro trends in the crypto industry boosting the prices of the assets like BTC and ETH up, other coins like LINK and ADA grew. ADA especially because of its network updates that Cardano has been running on its blockchain network. Cardano’s development company Input Output Hong Kong conducted a hard fork and applied the Goguen native token upgrade dubbed the Mary upgrade to the testnet which transformed it into a multi-asset network quite similar to Ethereum.

The team expects to have the mainnet launched by the end of February with other features of the Gogien update being soon ready to roll out simultaneously with different phases of the ADA roadmap. In terms of functionality, the upgrade will equate Cardano’s native token to the ERC-20 fungible and ERC-721 nonfungible tokens on ETH and the users on the ADA blockchain will be able to create their own tokens no matter whether they are fungible or not. In addition to these similarities with the ETH blockchain, there are many differences between Cardano’s token compared to ETH.

The first big difference is that there will not be more execution fees that are charged to a user when interacting with the token smart contract on the ETH blockchain. The recent bull run had plenty of tokens to reach higher gas fees due to network congestion which was the main reason why retail investors were discouraged from getting involved. The general secretary of the Cardano Foundation Hinrich Pfeifer noted:

 “Instead, sending tokens requires a nominal fee (called the ‘min-ada-value’), payable in ADA, to be sent alongside the tokens. You may also bundle multiple native tokens together and send them together in one transaction (this raises the ‘min-ADA-value’). However, this fee does not depend on network congestion, or rely on smart contract execution.”

Cardano approaches another major upgrade while ADA hit a three-year high and surpassed both XRP and DOT to become the fourth-biggest cryptocurrency in circulation.