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Will This Latest Development Take Cardano (ADA) Price Past $1?

Cardano recently announced the launch of Aiken, which is a smart contract language and toolchain whose primary purpose is to facilitate the simplification and improvement of the smart contract process for its fair use on the blockchain. In minutes following the news, the price of Cardano (ADA) witnessed a significant uptick as it recorded gains of 0.56% at the time of writing.

Aiken To Simplify Smart Contracts

Aiken’s primary goal is to simplify the use of Haskell Plutus platform which is considered to be cumbersome and challenging to use with other languages for off-chain code as developers fail to work with their usual tools & languages.

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Aiken makes use of the research conducted by IOG on Plutus. In turn, it is compatible with other systems, emphasizes on-chain code, and makes it easier to integrate with any off-chain infrastructure stack. According to the announcement, the Aiken team will conduct additional audits to make certain that the tool satisfies the requirements that are expected of an enterprise-grade toolkit. In addition, it will focus on early developers and the input they provide in order to shape Aiken before it is released on the mainnet.

Cardano (ADA) Price Reaction

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In light of this information, both the ADA community and the larger cryptocurrency market have reacted positively to the announcement. market participants are of the opinion that this may eventually result in a bullish scenario for the ADA token as it sees more impending utility.

As things currently stand, the price of ADA is exchanging hands at $0.43, which represents a gain of 5.11% over the past 24 hours in contrast to an increase of 9.06% recorded over the last seven days.