Cardano (ADA) has been making waves in the cryptocurrency industry, and its latest upgrade, the Ouroboros Leios, is set to take the blockchain to the next level. This update has been highly anticipated by Cardano developers and enthusiasts alike, and for good reason. The Ouroboros Leios upgrade will increase the transaction speed of the Cardano blockchain by a whopping 10x.
Vanessa Harris, a Web3 product lead and crypto advisor, has likened the upgrade to the work of a Disney park ride operator. She compared the process to getting everyone ready for a ride so that when it's their turn, they can just hop on. This ensures that park resources don't stay idle, and the same goes for the Ouroboros Leios upgrade.
It will leverage previously idle nodes, allowing them to do computations between blocks, and in turn, greatly increasing the blockchain's transaction speed and throughput.
The upgrade is described as a subclass of proof-of-stake (PoS) consensus protocols used by the Cardano blockchains to synchronize nodes and add new blocks to the network. The Ouroboros Leios upgrade will push the limits of scalability and transactional speed not only for Cardano but also for the entire ecosystem of UTXO blockchains.
This latest development is a significant step forward for Cardano and the entire cryptocurrency industry. With the Ouroboros Leios upgrade, the blockchain is set to become a major player in the space. The increased transaction speed and throughput will make ADA an even more attractive option for investors and users.
More Plans for Decentralization
Apart from the upcoming Ouroboros upgrade, Cardano is furthering its decentralization agenda with its latest integration with its Oracle provider Charli3’s price feeds to the DeFi platform Liqwid.
Liqwid Labs said in a recent press release that it would be integrating Charli3's price feeds to enhance its liquidity and staking markets. This is a significant milestone for the DeFi platform, which aims to create a reliable and comprehensive source of data for DeFi users. With the integration of Charli3's price feeds, Liqwid can create new loans, update collateral data, and liquidate undercollateralized loans with more precision.
One of the main advantages of the integration is that it will provide more accurate and continuous data for Liqwid's SHEN market collateralization and liquidity. This is a welcome change from the manipulations that are often witnessed with centralized Oracle systems. Liqwid Labs believes that with the integration of more price feeds, it will become a trusted source of data for DeFi users.
Cardano's Long-Term Holding Trend Boosts Market Confidence
Finally, investors holding onto their ADA assets for nothing less than a year are on the rise, signaling a positive shift in the cryptocurrency's market performance. With a majority of Cardano investors opting for long-term holding, market analysts are expecting increased stability in the market, potentially leading to higher token values.
The trend towards long-term holding is a positive sign for Cardano's ecosystem, as it creates a favorable supply-demand balance, reducing price fluctuations caused by short-term trading. Additionally, this long-term holding can be viewed as a vote of confidence in the project's development and its potential growth.
What Is Cardano's Price Doing?
Over the past week, ADA has shown minimal price changes, even though the general market is replete with volatility. Regardless, the cryptocurrency has maintained an upward trajectory over the past month, increasing by over 30% between March 10 and April 9.
However, Cardano appears unable to comfortably breach the $0.400 resistance threshold despite several attempts. Now, this resistance figure has become the primary target for Cardano bulls to take in the coming days and weeks. A comfortable breach of this level should signal a return to the $0.420 level, but another rejection in the coming days could lend more strength to bears in their bid to drag the price lower.
So, what group do you think will dominate the market in the coming week: bulls or bears?
ADA Statistics Data
ADA Current Price: $0.388
ADA Market Cap: $13.5B
ADA Circulating Supply: 34.7B
ADA Total Supply: 35.6B
ADA Market Ranking: #7
This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.