By
Godfrey Benjamin
April 26th, 2024
With the successful Mary upgrade, Cardano will begin to offer more services.
The Cardano’s Foundation’s coin ADA has reached its all-time high of $0.97 as Cardano recently completed the Mary upgrade on its network. Cardano’s recently completed one of two scheduled hard forks, known as the Mary upgrade.
Cardano’s hard fork Mary occurred on the 3rd of February, which signifies the blockchain’s transition into a multi-asset network. Following the upgrade, ADA reached its record high on the 12th of February. At the beginning of the year, the token opened trading at $0.18 and has increased by 438% since then.
At press time, ADA is down 1.58% to $0.8563.
Cardano Completes Mary Upgrade
According to a Cointelegraph report, the Cardano team hopes to launch the mainnet before the end of February. The report noted that the upgrade was conducted by Cardano’s development firm Input Output Hong Kong. The recent upgrade also represents Cardano’s transformation from Shelly to Goguen.
Other features that come with the Goguen update would be revealed as the other stages of the Cardano roadmap unfold. According to details provided by Cardano, the roadmap contains Cardano’s development. The developments are categorized into five eras include Byron, Shelly, Goguen, Basho, and Voltaire.
With the successful upgrade, Cardano will begin to offer more services. Now, Cardano’s native tokens would be equal to ERC-20 fungible and ERC-721 non-fungible tokens on Ethereum. Notably, Cardano’s transition into a multi-asset network makes it similar to Ethereum. In addition, Cardano blockchain users will now be able to create their own tokens. This development marks the first time users on the Cardano blockchain would enjoy such a function.
No More Execution Fees to Transact Native Tokens on Cardano
As stated in the report, a major change due to the upgrade is that there would no longer be execution fees.” Also known as gas fees, users are usually charged execution fees on the Ethereum blockchain.
Meanwhile, the recent Ether rally, along with other Ethereum blockchain tokens, has resulted in high gas fees amid network congestion.
Speaking to Cointelegraph, the general secretary of the Cardano Foundation, Hinrich Pfeifer commented on recent happening. He stated that there is no need for an execution fee while transacting native tokens on Cardano. He added:
“Instead, sending tokens requires a nominal fee (called the min-ada-value’), payable in ADA, to be sent alongside the tokens. You may also bundle multiple native tokens together and send them together in one transaction (this raises the min-ADA-value’). However, this fee does not depend on network congestion, or rely on smart contract execution.”
Furthermore, the director of communications and content at ConsenSys James Beck also talked about how Ethereum focuses on smart contract risks. He said:
“Ethereum has been supporting smart contracts since 2015, yet smart contract development is still a maturing field. With Ethereum, every week, bugs and security risks are discovered and added to registries of smart contract security best practices.”
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