Cardano (ADA) increased its price by 50% in the last seven days, following a recent update of Cardano Ballot, a decentralized application (dApp) used by members of its community to vote on the network.

ADA had a price of $0.38 last Saturday and over the course of the week it increased until it reached $0.58 today.

The current price of ADA is similar to that reached by the altcoin in May 2022, that is, 541 days later.

This increase was due, in principle, to the updates made to the application. "Over the last 12 months, Cardano Ballot has evolved significantly thus enabling a truly customized network-based voting solution", notes a statement from the Cardano Foundation. Part of the changes allow users and community members to vote for free, but now it is also possible to take advantage of it for staking-based voting events .

Let us remember that the network token holders participate in the decisions that affect it. This is done by voting on governance proposals, which can be on anything from the allocation of Treasury funds to protocol changes.

“Cardano Ballot events are now recorded publicly on the network. “This new registration process ensures transparency and serves as an immutable record for all voting events,” the statement said.

Currently, Cardano Ballot requires users to provide their Cardano “stake address” to vote. That is, a Cardano wallet address that is used to participate in the network's consensus process.

By 2024, Cardano Ballot will no longer require staking addresses to identify users. Instead, users will be able to use mobile digital identity wallets to interact with the app.

For his part, market analyst Dan Gambardello reported a few days ago that it was time to “pay attention” to the cryptocurrency and that “a Cardano explosion is being prepared.”

In his opinion, it is “completely realistic” that the top 20 native Cardano tokens in the next bull market will reach a total market capitalization of USD 100 billion. The truth is that both ADA and the rest of the cryptocurrencies have been boosted by the bullish trend of bitcoin (BTC) in recent weeks. So far in 2023, the market capitalization has increased 162%, outperforming much of the market and most other major crypto assets.

How do you see Cardano going forward and do you have ADA in your portfolio?