Cardano has tremendous development over the past several months and it shows no signs of slowing down.
Input Output Hong Kong [IOHK], the developer company behind the Cardano blockchain revealed that the long-anticipated Mary protocol update was successfully applied to the mainnet via a managed hard fork combinator event.
A key milestone in its ongoing rollout as revealed by IOHK is that introduces core Goguen features. This involves native token functionality and multi-asset support.
Moreover, the latest update is touted as a crucial “building block” and the foundations for several new use cases for the blockchain.
Cardano’s Mary Update
Mary hard fork is a milestone or the ecosystem primarily because it opens a wide array of possibilities to developers and businesses looking to build on or migrate to the blockchain.
Most importantly, Cardano’s decentralized blockchain has now transformed into a multi-asset blockchain. Following this, the network will now be able to host services and solutions such as decentralized finance [DeFi], non-fungible tokens [NFT], stablecoins, and others, and paves the way for a flourishing decentralized crypto economy
How Does This Impact ADA?
Currently, Ethereum is home to a vast majority of DeFi and DApp platforms. The high transaction fees needs no introduction. As for alternatives, there are handful which have gained prominence.
Hence, Cardano has emerged as yet another promising alternative that with low transaction fees and massively secured smart contracts.
According to a blog post by Emurgo, Cardano was designed to be of low cost, and that will not change with tokens launched on the network.
The Mary hard fork and the Goguen era’s imminent full deployment is expected to onboard more third-party developers to the ecosystem. This, in turn, is likely to increase its overall network effects. And finally, it is this migration to the network that would essentially generate increased self-sustaining demand for its native token, ADA.
Emurgo also revealed,
“ADA will be fully tradable with native tokens from the start, unlocking the power and huge interest worldwide in DeFi applications. In Cardano, transactions between native tokens do not generate high fees, making DeFi applications even more affordable.”