Valentine update is live! Does it affect the Cardano price?

The Cardano (ADA) blockchain has released its latest network updates aimed at helping the network establish itself in the decentralized finance (DeFi) space while impacting the native token value.

Valentine update is live! Does it affect the Cardano price?

Accordingly, ADA’s weekly chart shows positive gains in line with the network’s Valentine (SECP) upgrade. At press time, ADA was trading at $0.40 and has been posting gains of around 5% since the upgrade went live on Feb. On the weekly chart, Cardano is up over 9%.

Valentine update is live!  Does it affect the Cardano price?  - Picture : 1

ADA seven-day price chart. Source: Finbold

The effect of the Valentine upgrade

In the latest updates released on February 17 by Input Output, the parent company of the platform, the Valentine upgrade aims to improve and interoperability features in the blockchain.

“Interoperability is key to blockchain growth. As more dapps are built on Cardano, it is important not to be siled into a single ecosystem that allows users to interact with different blockchains and access a wider range of services.

In early February, a proposal to improve cross-chain functionality for DeFi applications on the network was submitted and subsequently approved by network validators. As a result, the upgrade is available to benefit DeFi applications built on the network.

At the same time, IOHK has released updates on its latest network metric, where the total number of Cardano projects is 116 and projects built on the platform are 1,204.

From the front of the smart contracts front, the feature continues to grow, with the Plutus script count approaching the 6,000 milestone standing at 5,798. At the same time, the Cardano blockchain recorded 61.4 million transactions.

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Cardano development report. Source: IOHK

Generally, it was touted that continued network activity would affect the ADA price. In addition to network metrics, the launch of the Djed stablecoin is also expected to be a key factor in increasing the value of ADA. Stablecoin is expected to boost Cardano’s prospects by increasing the Total Value Locked (TVL) metric, a key indicator of blockchain activity, especially in the decentralized financial sector.

It was rebounding after the last general market rally, targeting a $1 valuation, but the asset is still facing resistance at $0.5.

Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.

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