In this episode of the BeInCrypto video news show, host Jessica Walker will take an in-depth look at Cardano (ADA), including its recent Mary hard fork upgrade, its robust performance last week, and some expectations for the rest of the year.
On Monday, March 1, Cardano (ADA) implemented its Mary hard fork upgrade. The company said this is one of the two hard forks required to usher in a new era for the platform. In the Shelley era, the approaching Goguen era promises to integrate multiple decentralized services and solutions.
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5 Key Stages of Cardano’s Updates
Cardano developers initially set out a roadmap for ADA, consisting of 5 key stages. They named each stage for an influential thinker, scientist, or poet. The first stage, marking the foundation of Cardano, they named after English poet Lord Byron.
In the second stage, decentralization got introduced. Developers named it after Byron’s contemporary, another English poet Percy Bysshe Shelley. The Mary update is named after his wife, the author of the iconic science-fiction novel Frankenstein.
The next stage, named for computer scientist Joseph Goguen, will signal the era of smart contracts. The highly anticipated update will introduce native tokens and multi-asset support. The update will enable the platform to support a wide range of projects such as non-fungible tokens (NFT), stablecoins, and Decentralized Finance (DeFi).
Cardano developers expect the Goguen era to bring more third-party developers to the Cardano blockchain. The update will generate increased self-sustaining demand for the ADA token. Users can look forward to improved scalability, performance, and lower transaction costs.
Unlike the majority of its contemporaries, Cardano saw gains last week. While market liquidations amounted to $5.6 billion last week, ADA achieved a new all-time high on Feb. 26. Its market capitalization rose to $41 billion, putting it in third place overall, just behind Bitcoin (BTC) and Ethereum (ETH).
Expectations for 2021
Apart from upgraded features and reliable market performance, broader adoption is also in the cards for Cardano. Dubai-based FD7 Ventures, a cryptocurrency investment fund, announced its intention to liquidate $750 million worth of Bitcoin (BTC). With the proceeds, the company plans to purchase more ADA and Polkadot (DOT).
According to FD7 Managing Director Prakash Chand, the fund feels BTC has ultimately served its purpose. He said that diversifying into new altcoins would better help their investors. With this move, the crypto investment fund would be selling most of the $1 billion under management to invest in the upstart blockchains.
Post the production of this video, FD7 announced that it would be opening an office in Bangalore, India. There the company will invest $250 million in a micro-fund focusing on developing ADA and DOT ecosystems. Chand expressed his excitement over the platforms’ potential for NFTs and DeFi.