In the early hours of February 14, 2023 (Asia time), the Cardano blockchain received an upgrade that boosted its security and made it easier to communicate with other systems.
With a name as sweet as “Valentine” the upgrade promises to:
- Bring new levels of interoperability to decentralized finance (DeFi) applications.
- Help developers create even more advanced decentralized apps (dApps) that can work across different blockchains.
The Plutus smart contract platform will be the key to unlocking these possibilities, making it easier than ever to build the next generation of dApps on Cardano.
Happy St. Valentine’s day. 💙
— Input Output (@InputOutputHK) February 14, 2023
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Network validators were quick to show their love, voting in favor of the proposal when it was put forth earlier this month.
“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.” A Cardano developer and code maintainer tweeted.
Cross-chain bridges act as digital connectors, enabling transactions to take place between different blockchains by way of specialized software applications.
A unique DeFi ecosystem
With such a feature, Cardano developers could create apps that connect with other blockchains, offering users an easier way to tap into a range of financial services provided by Cardano dapps and beyond.
By cutting out the middlemen and relying on smart contracts, dapps can offer financial services like lending and borrowing directly to users. In many cases, these services are provided in exchange for the dapp’s token or as a reward in those tokens, making the Valentine a unique decentralized financial ecosystem.
Moreover, the enhanced features of the recent upgrade have already seen a boost in functionality. ADA prices climbed 8% in the past 24 hours, outshining the likes of bitcoin and ether, which saw a rise in price value of 4.74% and a drop of 4.6% in the last 24 hours.
ADA token price value stands at $0.393013 USD, a surge of over 100% since January 2023, reaching a staggering $110 million. This significant increase is a clear indicator of the growing demand for the token.