The much-anticipated Cardano ‘Mary’ protocol update has been positively applied to mainnet steering in a new era of multi-asset compatibility for the network.
On 1st March, Cardano declared that the update presents core Goguen features of native token functionality and multi-asset provision. It is to be noted that Goguen is a key upgrade stage on the Cardano roadmap which unveils smart contracts and the capability to build dApps.
As per an IOHK blog post, native tokens will fetch multi-asset support to Cardano, letting users produce distinctively defined custom tokens and perform transactions with them directly on the blockchain.
The blog post elucidated that, in contrast to Ethereum’s ERC-20 standard, tracking and accounting of custom tokens on the blockchain is supported by the ledger natively. It mentioned,
“Because native tokens do not require smart contracts to transfer their value, users will be able to send, receive, and burn their tokens without paying the transaction fees required for a smart contract or adding event-handling logic to track transactions.”
At the time of reporting, ADA is showing a 3.85% drop on the day and is changing hands at 1.23 USD. The crypto asset made its all-time high on 27th February when the token touched the mark of 1.45 USD momentarily.
Notably, there are around 31.9 billion tokens circulating out of a maximum supply of forty five billion tokens, thus giving the asset a market capitalization of over 39.5 billion USD at present prices.
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