Six Recent Cardano (ADA) Updates You Must Know About

2021/10/22 10:25:22

Given the present price movement, the crypto market can be segmented into two halves. Bitcoin - the world's largest cryptocurrency, has been steadily rising, while altcoins have remained at the same heights. Bitcoin has surpassed its previous all-time highs, while many altcoins are still in their recovery mode, with no major purchasers to drive prices higher.

However, when seen from a different angle, Bitcoin seems to be a sluggish cryptocurrency when measured in terms of price movement relative to a few altcoins. For instance, Cardano (ADA), which had its previous all-time high set in May, was breached a couple of months ago. But, at the same time, Bitcoin has taken far longer to reach the same highs it made in May. So, while BTC is currently looking like a short-term winner, a few altcoins have already experienced this trend much earlier.

Despite the negative sentiment in the price market of altcoins relative to Bitcoin, the fundamental updates and improvements in altcoins do not appear to be slowing down.

Cardano is one of the projects, and it has been on a march in terms of its ecosystem improvements. Below are among the most recent Cardano ecosystem enhancements expected to affect the demand for its native cryptocurrency positively.

Another New Release on the Cardano Mainnet

Input Output Hong Kong (IOHK), Cardano's technology division, has announced the release of Daedalus 4.4.0 on the Cardano mainnet. According to a report from the firm, the latest release was developed with the upcoming Cardano business in sight. The newest Cardano-wallet and Cardano-node versions were also considered and implemented by the developers in the update.

The new version will include features like a button to detach a hardware wallet. This token screen lets users see all existing tokens and choose their personal preferences, and finally, the most recent Electron version.

Note that the Daedalus 4.4.0 is currently accessible only on desktops.

IOHK’s Partnership with Four Firms to Help Develop the UTXO Model

IOHK, along with Nervos, Topl, Ergo, and Komodo, announced the establishment of the UTXO collaboration at the Cardano Conference 2021. In fact, Komodo has joined the coalition this week, according to a tweet by Input-Output on October 15. The collaboration's major goal is to concentrate on scaling smart contract solutions and interoperability as components of the UTXO model. The team is also anticipated to develop bridges across blockchains to facilitate the global financial system.

The ally will also focus on improving the UTXO model, developing an internationally acknowledged UTXO standard, exploring techniques to aid smart contract creation utilizing the UTXO framework, and assigning ADA coin holders a set of rules to obey.

Cardano Collaborates with Oasis Pro to Democratize International Money Exchange

Cardano has partnered with Oasis Pro, a broker-dealer that runs a digital asset securities ATS (alternative trading system). According to the announcement, the cooperation intends to liberalize financial services and increase money movement across nations.

Furthermore, according to Nick Cafaro, Product Manager at Input Output, Cardano chose Oasis Pro for this project. It considers Cardano the "blockchain-first platform" that offers an extremely secure regulatory experience.

Cardano’s DeFi Ecosystem Expands

Charli3, Cardano's decentralized oracle service, has announced a collaboration with Cardano's defi protocol and wallet system - CardWallet. The two companies have partnered to develop and administer a single ecosystem of DeFi solutions on the Cardano blockchain.

Cardano Follows Ethereum’s Footsteps in Transaction Fees

The transaction cost on the Cardano network has risen from $0.03 to more than $0.5, according to Messari's statistics. The present cost may not appear excessive, but it represents a 1500 percent rise in a single year.

Furthermore, the transaction fee itself is not an independent variable. The transaction fee would be proportionate to the price of ADA crypto. And, given the current state of Cardano and its ecosystem, it is only natural for demand to grow, as well as the token's price. As a result, the fees are likely to grow in lockstep with the market price of Cardano.

Cardano (ADA) Price Update

Cardano coin has been on a massive bull sprint since hitting a low of $1.03 in late July. With strong momentum, the ATH at $2.46 was set in May 2021, which was later breached a couple of months ago.

The latest all-time high stands at $3.09. Despite trying several times, the markets have been unable to break above it and have been consolidating below ever since. With the current price of $2.16, ADA has been holding firmly above the demand level for over a month or so. Basing it off on the fundamentals, new ATH awaits Cardano.

Stay tuned and watch the KuCoin Blog for the follow-up articles related to this topic. All the best!

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