The price of Cardano continues to rise and has managed to enter a price range it has not seen since 2018. This rally seems to be due to the release of Cardano’s smart contract capabilities announced by Charles Hoskinson, the increase in ADA transaction volume, and the announcement.

 

 

At the time of writing our article, ADA was trading at $ 0.52 with a gain of 18.8% in the last 24 hours. ADA last recorded ATH of $ 1.18 in January 2018 when it reached over $ 0.50 (on January 4). On the weekly and monthly charts, ADA is up 47.1% and 95.6% respectively. Its market cap has increased to $ 15 billion, making it the sixth largest cryptocurrency by market cap.

In a post published yesterday for the IOHK blog, the company’s Marketing and Communications Director Tim Harrison made an update on Goguen and the distribution of “Mary”. As announced yesterday, IOHK successfully deployed the Hard Fork Combinator (HFC) “Mary” code on the Cardano test network.

“Mary” is complementary to the functions offered with the “Allegra” fork. These two HFCs will enable Cardano to become a very wealthy platform that users can leverage to create, publish and manage “local” network tokens and other applications. As Harrison noted, “Mary” is expected to be deployed on the main network by the end of February:

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When Mary translates the encryption key within the network, we will unlock the mechanism for users to create their own tokens for numerous applications: Decentralized Finance (DeFi) and countless other business use cases.

Cardano’s entry into the DeFi world created a lot of excitement. Ethereum occupies the undisputed # 1 position. However, the DeFi king is currently facing serious challenges: such as network congestion and high transaction fees.

Cardano could be a better alternative. In addition to offering greater scalability and lower fees, the platform will be interoperable and have tools that allow developers to easily migrate their projects to Cardano with the ERC-20 converter. Thus, Cardano can get a portion of a market with a Total Value of Locked-Out (TVL) $ 34 billion. Investors in the DeFi space know that often the biggest winners are the first to make the transition to a new platform or protocol.

 

Cardano will move to Omega Ouroboros

Another reason for yesterday’s price increase may be Charles Hoskinson’s announcement that IOHK is working on a consensus algorithm called Ouroboros Omega. As Hoskinson said, the statement, designed as a project that brings together “all ideas” that IOHK has had in the last 6 years, was greeted with great enthusiasm by investors and the Cardano community. As such, it may have served as a catalyst for ADA’s price.

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