Cardano (ADA) recently rolled out its stake-based protocol named Mithril on the mainnet, sparking great optimism for the future advancement of the ADA token.
With Mithril, Cardano aims to revolutionize the efficiency of node synchronization, promising significant improvements in the network’s overall performance.
The exciting announcement came through a detailed post and an accompanying screenshot of the Mithril protocol, which were shared by the renowned Cardano stake pool operator, Banksy – LEAD Stake Pool, on July 30.
The protocol’s introduction signifies a major milestone for the Cardano ecosystem, and it has already generated substantial enthusiasm within the community.
Mithril is officially live on the #Cardano mainnet! 🚀@IOHK_Charles @Cardano @Cardano_CF @IOG_Eng @conraddit @canadastakes1 @euskalstakepool @SPO_DINO @VFS_StakePool @sakepool_ada @sakakibara1JPN @cardano_aden @hix_coffeepool @shiodome47 @rx78pool @slowhand4040 pic.twitter.com/Bn0AThnYL2
— Banksy – LEAD Stake Pool (@LEADStakePool) July 30, 2023
By leveraging the power of stake-based signatures, Mithril offers an innovative approach to enhance the integrity and security of the Cardano blockchain.
Cardano: Game-Changing Upgrade For Increased Decentralization
The operator of the Cardano stake pool, BLADE, also known by the pseudonym $conrad, has shared updates that promises to deliver several major benefits to the Cardano ecosystem.
One of the key highlights of BLADE’s upgrade is the introduction of blockchain snapshot validation through multiple pools’ collective effort. In this innovative approach, several pools collaboratively sign to attest to a specific certificate, significantly enhancing decentralization on the Cardano network.
By having multiple pools involved in the validation process, the system becomes more robust and resilient against potential attacks or centralized control.
As of today, the market cap of ADA stood at $10.7 billion. Chart: TradingView.com
To complement the blockchain snapshot validation process, the upgrade introduces a cutting-edge aggregator that plays a pivotal role in creating certificate chains and delivering snapshots.
The aggregator node meticulously collects the signed snapshots from the participating pools and combines them to generate the associated certificates. This seamless integration ensures that the restoration process for a Cardano full node becomes efficient and reliable.
Mithril Launch Sparks Initial Surge But Quickly Consolidates
After the highly-anticipated launch of the Mithril stake-based protocol on Cardano’s mainnet, the ADA token saw an impressive surge in its price, climbing over 3% within just a few hours.
This surge brought the price of Cardano tantalizingly close to the $0.32 level, igniting optimism among investors and traders. However, as with any significant price movement, the surge was followed by a period of consolidation and correction. The ADA price settled at $0.305426, marking a decline of 2.4% for the day.
Despite the short-term correction, the overall trend remained positive, as the token still registered a 0.6% gain over the previous week, providing a glimmer of hope for further bullish momentum.
Adding to the excitement surrounding Cardano’s prospects, renowned Cardano enthusiast and Crypto Capital Venture founder, Dan Gambardello, recently shared his bold opinion on the token’s potential future growth.
$7.80 ADA minimum all time high in the next bull market.
— Dan Gambardello (@cryptorecruitr) July 28, 2023
Related Reading: Curve DAO (CRV) Price Recovery Post-Exploit: What Would Be A Realistic Scenario?
According to Gambardello’s projection, ADA could reach an astonishing price target of $7.80, fueled by a combination of factors, including the collapse of traditional banks and financial systems.
This perspective reflects the growing sentiment that cryptocurrencies, particularly platforms like Cardano, could serve as alternative solutions in an increasingly uncertain financial landscape.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Cardano Feed
