Cardano’s Mary hard fork is only a tool that will bring Cardano closer to Goguen and will also bring native asset support which will unlock decentralized finance on the network as we are reading more in our latest Cardano news.

Cardano’s Mary hard fork is a huge upgrade that will upgrade whole new opportunities for the community and all entities that are using the blockchain. This will transform the Cardano testnet as well into a multi-asset network and will enable users to issue and distribute their own tokens on the blockchain. At the end of February, the upgrade will roll out to the mainnet and will unlock the smart contract functionality of the blockchain.

Unlike other blockchains handling token issuances thanks to smart contracts, Cardano handles the tokenization natively. This means that the logic behind it is based on the ledger that eliminates the need for constructing additional layers on top of the blockchain. User-defined tokens on ETH that are crated with the ERC-20 standard are different from ETH. Cardano supports user-defined tokens natively which means that there’s no need to add the custom code on the top of the blockchain.

In addition to that, it enables these assets to behave exactly like ADA which is the native cryptocurrency of Cardano. The only difference between the tokens issued on Cardano and ADA is that the tokens can be easily destroyed and that only the native cryptocurrency can be used to service fees, deposits, and rewards. The fact that the native assets on Cardano are built into the ledger will revolutionize decentralized finance and transactions between the native tokens and assets don’t incur execution fees making the Defi application affordable.

IOHK believes that offering tokens without the vulnerabilities of the coded smart contracts could make them interesting to the institutions and companies that are looking to explore blockchain technology. Cardano is ranked in the sixth position by market cap and increased by 4.1% over the past day. ADA has a market cap of $13.91 billion with a 24hours volume of $3.63 billion.

Today at 20:20:16 UTC (the next testnet epoch rollover) we’ll hard fork the #Cardano Testnet & apply the #Goguen native token upgrade (aka ‘Mary’ ), transforming it into a multi-asset network. Next comes mainnet, targeted for the end of February. Onward.https://t.co/C6uGDeUvGV

— Input Output (@InputOutputHK) February 3, 2021

As reported recently, About 55% of all ADA wallets on the market have their funds delegated to a stake pool and this increase in new wallets per day accompanied by the rise of the total number of ADA staked made the platform by far the most decentralized blockchain network on the market.

Source: https://www.dcforecasts.com/cardano-news/cardanos-mary-hard-fork-is-another-step-closer-to-goguen/