- The price of ADA has increased by 9.78% after the launch of the Valentine’s upgrade.
- The upgrade has not elicited an overwhelming response from the community on Crypto Twitter.
- Developer numbers on Cardano have been soaring.
The lead-up to Cardano's anticipated SECP network upgrade has left the community divided, with some doubting the impact of the upgrade.
On February 14th, 2023, Input Output Global (IOG) announced that the day was finally here for the network’s SECP upgrade. The system upgrade, also known as the Valentine’s upgrade, “is now live on the mainnet.”
The upgrade will increase interoperability and secure cross-chain development, enabling developers to use a broader range of multi-signature and threshold signature designs native to Cardano.
In the week leading up to the SECP upgrade, the stagnating price of ADA did not indicate any particularly intense anticipation from the community, despite other notable developments in the ecosystem.
Mild Positive Sentiment
The SECP upgrade enables developers to “easily create cross-chain dApps that are secure, reliable, and cost-effective.” IOG claims that new cryptographic primitives will allow developers to use a broader range of multi-signature or threshold signature designs native to Cardano, providing interoperability for cross-chain dApp development.
Following the implementation of SECP, ADA is trading at $0.38 at the time of writing, representing a 9.78% increase from its one-month low of $0.33 recorded on January 18th.
Although ADA remains in a similar price range, the upgrade had an immediate, if brief, impact on the price of ADA. Cardano's native token rose to $0.39 in value on February 14th, indicating mild positive sentiment among the community in light of the SECP upgrade.
Cardano Community Feeling the Love?
Cardano community members on Crypto Twitter have expressed scattered opinions about the SECP launch. One community member voiced their positivity about the upgrade, sharing:
Thus far, no Twitter user has shared any critiques in response to the upgrade, but responses have not been overwhelmingly positive either. The tweet has accumulated close to 70,000 views and stimulated a few little conversations.
Cardano and IOG founder Charles Hoskinson shared a brief statement, asking if anyone had ever noticed a hard fork, claiming that the point of a hard fork is that no one should notice it.
The upgrade is intended to “simplify the process” for (decentralized application) dApp developers. Cardano overtook Ethereum (ETH) as the protocol with the highest level of development activity in 2022, ranking first in a development report by Santiment. The surge reflects optimism from the developer community about the Cardano ecosystem’s dedication to improving the experience for its developers.
On the Flipside
- Cardano whales have been increasingly active in the ecosystem, proving to be a source of positive market sentiment.
- Bitcoin (BTC) also recorded a brief boost to $22,120 on February 14th, bringing into question how impactful the upgrade was for the upward trajectory of ADA.
Why You Should Care
Cardano’s SECP upgrade is a testament to the sustainability of Cardano’s methodical development-focused approach. The steadily increasing developer activity indicates the network’s progress in the dApp sector.
Read more about Cardano’s Valentine’s or SECP upgrade:
Cardano’s Valentine’s Upgrade to Bring More Cross-Chain Love
Read more about whale activity and market sentiment leading up to the SECP upgrade launch:
Cardano Whales Bullish on ADA – Is the Optimism Warranted?