ADA, the Cardano Foundation’s coin, has hit its all-time high (ATH) of $0.97 on February 12, having started the year trading at $0.18, entailing 438% gains year to date.
It has been reported that apart from the macro trends in the cryptocurrency industry driving up the price of flagship assets, such as Bitcoin (BTC) and Ether (ETH) translating to other altcoins, such as LINK, DOT, etc., Cardano’s growth could also be attributed to the network updates that Cardano has been running on its blockchain network.
However, on February 3, Cardano’s development firm Input Output Hong Kong successfully conducted a hard fork and also applied the Goguen native token upgrade, known as the Mary upgrade, to Cardano’s testnet, which transforms the blockchain into a multi-asset network similar to Ethereum.
The report said that the team expects to have launched the mainnet by the end of February.
Cardano’s Mary upgrade brings unique features to its users, but will it be enough to challenge Ethereum? https://t.co/krKRLThGVa — Cointelegraph (@Cointelegraph) February 14, 2021
The other features of the Goguen update will roll out simultaneously in accordance with the different phases of the Cardano roadmap.
Likewise, this upgrade would equate Cardano’s native tokens to ERC-20 fungible and ERC-721 nonfungible tokens on Ethereum.
Users on the Cardano blockchain will be able to create their own tokens, be it fungible tokens or NFTs.
Hinrich Pfeifer, the General Secretary of the Cardano Foundation, said:
“Native tokens on Cardano are ‘forged’ on-chain with no need for a smart contract, and therefore, no execution fee is required to transact native tokens on Cardano.”
Thus, he added:
“Instead, sending tokens requires a nominal fee (called the ‘min-ada-value’), payable in ADA, to be sent alongside the tokens. You may also bundle multiple native tokens together and send them together in one transaction (this raises the ‘min-ADA-value’). However, this fee does not depend on network congestion, or rely on smart contract execution.”