Cardano (ADA) successfully completed the Mary hard fork

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Feb 4, 2021
  • Crypto project Cardano (ADA) managed to complete one of two scheduled hard forks.
  • The fork, known as Mary, is the first step towards the Goguen phase of its blockchain's evolution.
  • The upgrade that came with the fork was able to unlock smart contracts on Cardano testnet.

Cardano (ADA), one of the largest coins by market cap, has made the next step in its transition from Shelley to Goguen. The step involved one of two necessary hard forks. The hard fork, named Mary, took place yesterday, February 3rd, at 20:00 UTC, and it finally brought native asset support to Cardano. Now, the project is closer than ever to unlocking decentralized finance on its network.

Cardano completes the Mary hard fork

As mentioned the Mary hard fork represents one of two major steps toward bringing a wide range of new functionalities and opportunities to Cardano. The upgrade has already unlocked many new opportunities for the project’s community, but also institutions and businesses that use its blockchain.

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With this move behind it, Cardano can finally transition from a testnet to a multi-asset network, ready to grow and bring capabilities such as issuance and distribution of new tokens.

The project plans to roll out the upgrade on Cardano mainnet by the end of the month, and finally unlock smart contracts within its ecosystem.

Even Cardano’s price reflected the excitement prior to the Mary hard fork, with its price surging from $0.418 to $0.45 in a matter of hours before returning to $0.426 at the time of writing.

Why is token issuance on Cardano so important?

Of course, Cardano is far from being the only blockchain network that offers token issuance via smart contracts. However, it still stands out from the rest due to the fact that it handles tokenization natively. In other words, Cardano uses the Cardano ledger for token issuance, and in doing so, it eliminates the need to construct new layers on top of its chain.

Not only that, but it also allows assets to behave similarly to ADA itself. There are only two differences between ADA and newly-issued tokens, and that is the fact that the tokens can be destroyed, and the fact that only ADA can be used for paying rewards, fees, and deposits.

Building native assets into the ledger will revolutionize the DeFi sector on Cardano, as transactions between native tokens and other assets come without execution fees.

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