Will the Ongoing Cardano Improvements Have an Effect on its Price?

Will the Ongoing Cardano Improvements Have an Effect on its Price?

The Cardano coin has often been described as the third-generation blockchain designed to overtake every other cryptocurrency today. This coin was designed to implement the best features of Bitcoin, Ethereum, and Litecoin to stand out as the most valuable crypto projects today.

Recently, the developers of this project announced three important development projects ongoing for the Cardano coin aimed to create more value for this coin. This includes the CIP -1694 project designed to bring Cardano into the voltaire phase, the creation of an indexer to remove third-party involvements in tracking the local prices, and general renovations to keep the Cardano Coin above its competitors. Investors today are currently preoccupied with the impacts these improvements will likely have on the Cardano Coin.

Hence, we find such investors asking whether we are now at the right time to trade Cardano (ADA) coin and if the ongoing tripartite improvements projects trigger a bullish trend for Cardano? This work has examined these important questions about the Cardano Coin today.

Understanding the ongoing Cardano Improvements projects

The Cardano developers have recently announced three important ongoing developments on the Cardano project –  directed towards improving the Cardano ecosystem. This developments will affect both the blockchain and the decentralized applications (Dapps) built on it.

The first important development is on the CIP-1694. This is the short form for Cardano Improvement Proposal – 1694. The CIP-1694 according to the developers is one designed to bring Cardano into Voltaire. The CIP – which was  Co-authored by Charles Hoskinson the founder of Cardano is an advanced mechanism for on-chain governance designed to be a precursor for the transition into the new Voltaire phase for the Cardano coin.

The proposal to upgrade the Cardano coin in the Voltaire phase was pushed forth by one of the developers – Jared Cordouane in November 2022. Hoskinson further supported the idea and called on the community to partake by giving the pros and cons of doing so. The community is currently voting to approve this innovation.

The Voltaire phase for the Cardano coin as described by the Cardano founder, is meant to be the last stage to be carried out in the developmental process of the Cardano project. It is intended to set the pace for other coins to follow in terms of true Crypto decentralization.

Next, the second important development ongoing on the Cardano project is the creation of a price index for its native tokens. According to the tweet by one of the developers, this innovation will make it possible for users to run a local price indexer for Cardano native assets without the need for any API server to pay for.

The third and last important development mentioned for the Cardano coin is the march to overtake all its competitors. The Cardano developers have always described the project as the third-generation blockchain designed to beat every other competitor in the industry. Hence, the team is determined to bring in all the necessary innovations to achieve this aim.

What effects will the ongoing Cardano Improvements projects have on the price of Cardano?

The ongoing improvements on the Cardano projects have been designed to make the Cardano Coin fully decentralized and more affordable in carrying out transactions. This will probably attract more investors who desire a fully decentralized network to choose the Cardano Coin above other coins.

Many investors today are optimistic that the ongoing tripartite improvements on the Cardano Coin when completed will trigger a bullish trend for this coin as more investors get attracted to utilize the Blockchain for carrying out their decentralized transactions.

About author

Carl Herman is an editor at DataFileHost enjoys writing about the latest Tech trends around the globe.