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Home » Cardano price rises by 50% after update

Cardano price rises by 50% after update

Cardano (ADA) has increased its price by 50% in the last seven days following a recent update Cardano ballot, a decentralized application (dApp) used by members of its community to vote on the network.

ADA was priced at $0.38 last Saturday and increased throughout the week until reaching $0.58 on the current dayas seen in the graphic of TradingView.

ADA price in the last seven days. Spring: TradingView.

ADA’s current price is similar to what the altcoin reached in May 2022, 541 days later.

This increase was mainly due to the updates made to the application. “Over the last 12 months, Cardano Ballot has evolved significantly, enabling a truly tailored network-based voting solution,” notes a release from the Cardano Foundation.

Part of the changes allow users and community members to vote for free, but Now it is also possible to use it for voting events based on stakes.

Let's remember that network token holders have a stake in the decisions that affect them. This is done by voting on governance proposals, which can range from the allocation of Treasury funding to protocol changes.

“Cardano voting events are now publicly recorded on the network. “This new registration process ensures transparency and serves as an immutable record of all voting events,” the statement said.

Currently, Cardano Ballot requires users to provide their Cardano “staking address” in order to vote. That is, a Cardano wallet address used to participate in the network's consensus process.

By 2024, Cardano vote Participation addresses are no longer required to identify users. Instead, users can use digital identity mobile wallets to interact with the app.

For his part, market analyst Dan Gambardello reported A few days ago it was time to “pay attention” to the cryptocurrency and that “a Cardano explosion is being prepared.”

In his opinion, it is “completely realistic” that the top 20 native Cardano tokens will reach a total market cap of $100 billion in the next bull market.

The truth is that both ADA and the rest of the cryptocurrencies have been buoyed by Bitcoin's (BTC) uptrend in recent weeks. As CriptoNoticias reports, the market cap has increased 162% so far in 2023, outperforming much of the market and most other major crypto assets.

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