The proprietary ADA cryptocurrency (CRYPTO: ADA) of the Cardano blockchain has grown by over 474% in 2021.
What Happened: ADA is up more than 7% in the last 24 hours, while Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and most altcoins have dropped by the same amount.
This may be due to the fact that faith in the project has grown significantly over the past year. The Cardano community has grown stronger after the protocol released several updates that brought more functionality to users on the platform.
According to an announcement posted earlier this week, another major updаte is due in a few days.
IOHK, the developer of Cardano, announced that Mary’s hard fork will take place on March 1st.
Why it matters: IOHK said the updаte will bring long-awaited native tokens and support for multiple assets on the platform.
IOHK expects this to bring new use cases for the Cardano platform, which has not yet been used in the DeFi ecosystem as Cardano does not yet support smart contracts.
However, the new use cases and usefulness that the new protocol updаte will bring have instilled confidence in the Cardano community.
According to IOHK, native tokens representing NFTs, stablecoins, wrapped assets, and lending protocol utility tokens will play an important role in bringing the DeFi world to Cardano.