The latest Shelley upgrade fails to excite traders as ADA dropped by nearly 3% overnight reaching a price level of $0.1405. Following the latest Cardano ADA news, we can see what is Cardano going to do about the decreasing value.
Despite carrying out the hard fork last night, the Shelley upgrade fails to give the traders the needed excitement to invest in the cryptocurrency as they started selling the news in the crypto market which means ADA is in the red. ADA was down by nearly 3% over the past day targeting a price $0.1405 but the current price is still up from a week ago with a 7-day gain of 13% and a monthly gain of 70% outperforming both smart contract giant Ethereum and Bitcoin in the previous 30 days before the hard fork.
Other major coins from the top 10 are also down today except for XRP that increased by 1%. The latest network upgrade for Cardano is a result of the five years of development thanks to the Cardano development team IOHK that aimed to introduce stake pools and delegations for all of the coin holders. Operating the stake pool involves staking other users’ tokens on their behalf which is required in order to secure the network and earn more ADA tokens as a reward. According to the launch announcement from the ADA foundation, it is estimated that the network will reach about 1000 stake pools during it speak.
Going Live: https://t.co/6a5ld9jTH5
— Charles Hoskinson (@IOHK_Charles) July 29, 2020
Commenting on the upgrade, the IOHK CEO Charles Hoskinson said that the hard fork was successful and that they reached “orbit:”
“Every piece of this was made with love, care, and foresight, and there were a lot of hard battles we had to fight […] a lot of victories we had to win to get to this day,” Hoskinson said, adding “we’re no longer a static confederated system, we’re a dynamic and decentralized system.”
Cardano’s roadmap is made up of five “eras’ and each one has one overarching focus. The previous Byron era focused on community building while Shelley focused on decentralization. The overarching theme fits in with the claim from the foundation that now the platform will be “50-100 times more decentralized than other leading blockchain networks.” As previously reported, the roll-out comes after Charles Hoskinson reached out to the creator of Litecoin Charlie Lee, is eager to test out cross-chain communication.
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