If you don’t have a date or nothing on Valentine’s Day, Cardano (ADA) is set to keep the excitement alive as it launches its SECP mainnet upgrade on February 14th at 21:44 UTC.
But first, here’s a quick look at Cardano’s performance:
- Cardano will issue its SECP or ‘Valentine Upgrade’ on February 14th
- ADA users are encouraged to upgrade to version 1.35.5 to ensure compatibility
- Coin price down 0.52%
The developers of Cardano just announced via Discord about the developments happening on the platform. The SECP mainnet, also called “Valentine Upgrade” will happen on February 14th.
February 14th ♥️ #Cardano #Valentines 👍@InputOutputHK
More about the upcoming upgrade here: https://t.co/PStDYIRsP4 pic.twitter.com/WBmQwIS3tP
— Tim Harrison (@timbharrison) February 9, 2023
Cardano Users Ready For ‘Valentine Upgrade’
Input Output Community Vice President, Tim Harrisson, has shared this internal memo about the upgrade via a tweet made on February 10th. An internal memo shows an image with Cardano renaming SCEP to the “Valentine” upgrade.
The SCEP upgrade was originally proposed back in November last year which aims to boost cross-chain development in the network.
Another reason to fall in love with it #Cardano…
St.Valentine’s day is near, and so is Valentine’s upgrade (aka SECP).💙
– Input Output (@InputOutputHK) February 8, 2023
Cardano is growing rapidly and the Coordinator of the Input Output Community, Becky Hopwoodhave encouraged node users to make sure everything is set up and updated to the latest version (version 1.35.5) as the mainnet upgrade will not sync with node 1.35.4 when live.
according to CoinMarketCap, the price of ADA is down nearly 11% in the last seven days, or trading at $0.3603 at the time of this writing. There is negative investor sentiment, especially with the price going down regardless of the Update.
On the flip side, with the upcoming upgrade comes the introduction of revolutionary built-in functionality designed for the Plutus cryptographic system.
Image: Cryptonaute
The built-in functionality is said to ensure higher security for the network as well as allow Plutus DApp developers to have a variety of multi-signature designs to choose from.
The proposal is a collection of inputs from the technical team of EMURGO, Input Output, and the Cardano Foundation after passing through a virtual testing environment that will reflect real and real-time performance as well as collaboration with developers, stock pool operators, and exchanges. engineering team.
Upgrades To Improve Interoperability, Cross-Chain Functionality
Valentine upgrade is set to provide many benefits to the ADA community which is set to improve interoperability and also improve cross-chain development on the platform.
These features will be a competitive advantage as developers can now design, build, and create applications that can connect ADA to other networks.
ADA total market cap at $12.4 billion on the weekend chart | Chart: TradingView.com
There has been an increase in interest in DeFi Cardano after the launch of DJED which is supported by ADA and pegged to the US dollar. DJed also uses SHEN, as a backup coin.
With the complex network updates happening in Cardano, the community and investors are optimistic in line with the continued growth of ADA.
While analysts predict a short-term price drop, the good news is that Cardano’s on-chain development rose to 89.7 on December 18, the highest it has been so far.
Option image of Altcoin Oracle