Cardano (ADA) Price Drops 11% In The Run-Up To ‘Valentine Upgrade’

Must read

If you got no date or nothing to do on Valentine’s Day, Cardano (ADA) is set to keep the excitement up as it rolls out its SECP mainnet upgrade on February 14 at exactly 21:44 UTC.

But first, here’s a quick peek into how Cardano has been performing:

  • Cardano to roll out its SECP or ‘Valentine Upgrade’ on February 14
  • ADA users encouraged to upgrade to the 1.35.5 version to ensure compatibility
  • Coin’s price down 0.52%

Cardano developers just announced via Discord the developments happening on the platform. The SECP mainnet, which is also dubbed as the “Valentine Upgrade” will be happening on February 14.

February 14th ♥️ #Cardano #Valentine 👍@InputOutputHK

More on the upcoming upgrade here:

— Tim Harrison (@timbharrison) February 9, 2023

Cardano Users Get Ready For ‘Valentine Upgrade’

Input Output’s Community Vice President, Tim Harrisson, has shared this internal memo regarding the upgrade via a tweet made on February 10. The internal memo showed an image with Cardano changing its SCEP name to “Valentine” upgrade.

The SCEP upgrade was initially proposed back in November of last year which aims to amplify cross-chain developments on the network.

Another reason to fall in love with #Cardano

St.Valentine’s day is just around the corner, and so is the Valentine (aka SECP) upgrade.💙

— Input Output (@InputOutputHK) February 8, 2023

Cardano is fast evolving and Input Output’s Community Coordinator, Becky Hopwood, has encouraged node users to make sure that they are all set and upgraded to the latest version (1.35.5 version) because the mainnet upgrade would not be in sync with the 1.35.4 node when it goes live.

According to CoinMarketCap, ADA price is down by nearly 11% in the last seven days, or trading at $0.3603 as of this writing. There is a negative investor sentiment, especially with the price going down regardless of the Update.

On the flip side, with the upcoming upgrade also comes the introduction of revolutionary built-in functions designed for the Plutus cryptographic system.

Image: Cryptonaute

The built-in functions are said to ensure heightened security for the network as well as allow any developer of the Plutus DApp to have a wide array of multi-signature designs to choose from.

The proposal was a roundup of inputs coming from the EMURGO technical team, Input Output, and Cardano Foundation after going over virtual testing environments that would mirror real-world and real-time performance as well as collaborations with developers, stake pool operators, and exchange engineering teams.

Upgrade To Improve Interoperability, Cross-Chain Functionality 

The Valentine Upgrade is set to usher a plethora of benefits to the ADA community which is set to improve interoperability and also enhance cross-chain developments in the platform.

The feature will prove to be a competitive advantage as developers can now design, create, and build apps that enable the connection of ADA to other networks.

ADA total market cap at $12.4 billion on the weekend chart | Chart:

There is an increase in interest in Cardano’s DeFi following the launch of DJED which is backed by ADA and pegged to the U.S. dollar. DJed also uses SHEN, being its reserve coin.

With the elaborate network upgrades happening on Cardano, the community and investors are optimistic in line with ADA’s continuous growth.

While analysts have predicted a price downsize in the short term, the good news is that Cardano’s on-chain development has increased to 89.7 on December 18, which is its highest so far.

Featured image from Altcoin Oracle

More articles

Latest article