The popularity of the DeFi space was seen soaring and almost every network was trying to incorporate DeFi, Cardano revealed that it was doing the same with its upcoming hard fork. While the Mary hard fork is scheduled for mid-February, Cardano hopes to bring in DeFi into the network with this.
Cardano’s Mary Hard Fork Hopes To Bring In DeFi
The DeFi space rose to fame amidst the pandemic. At present, the decentralized wing of the crypto industry was valued at a whopping $27.13 billion. In a recent blog post penned down by Elliot Hill of the Cardano Foundation revealed what the community could expect with its forthcoming hard fork.
The network wants to bring in the several use cases of DeFi, decentralized applications [DApps] as well as tokens. With the Mary hard fork, Hill revealed that the network would focus on delivering, lower transaction fees as well as token and smart contract security. Hill pointed out that there would be no execution fees while carrying out transactions. Gas fee has been a major barricade in the DeFi space, however, the crypto network hopes to cut execution fees between native tokens and assets.
Other expectations with the upcoming hard fork included the zero availability of custom code to exploit in the deployment of user-defined tokens on the network. Minimal custom code to launch a user-defined token on Cardano. Overall, the network wants to induce “more affordable, more secure, and easier to launch” DeFi into the network.
Elaborating on Project Catalyst, Hill further wrote,
“By pushing power to the edges of the Cardano community, there has already been a successfully funded DeFi proposal, one of the first projects that will launch atop Cardano, and our community made it happen. Going forward, our community stands to be a driving force for development and adoption of the blockchain for all kinds of solutions.”