On Friday, the price of the Cardano (ADA) token climbed above $ 2 and is only less than 12% of the ATH, which was recorded three months ago. The price jump came after IOHK announced that the Cardano network would be upgraded on September 12, 2021. The highly anticipated “Alonzo” upgrade aims to improve the network with a fully functional and advanced solution for smart contracts.
The Alonzo upgrade is scheduled for September 12
IOHK lead developer Nigel Hemsley revealed project plans to launch the September 12 update. The name “Alonzo” is derived from the mathematician and computer scientist Alonzo Church.
On September 12, 2021, we focus on the “Alonzo” upgrade, which will bring smart contracts to Cardano via the HFC (hard fork combinator) event. Learn more about the journey into a new era of smart contracts, DeFi and more for Cardano (ADA). ”The Cardano community basically believes that Alonzo will implement advanced solutions for smart contracts and DeFi protocols.
Although Alonzo’s biggest features will be smart contracts and defi, the update also aims to strengthen concepts such as tokenization and unmistakable tokens. In addition, it was said that ERC20 tokens from Etherea could also be used on the Cardano network.
Bet on whether Cardano will launch smart contracts by October 1
Cardano has been criticized for some time because the community had promised fully functional, advanced smart contracts and other features before. However, since July, optimism in the prediction market, which allows participants to bet on whether Cardano will launch smart contracting features by October 1, has increased.
At the time of writing, a decentralized prediction market Polymarket shows that the bet on Cardano has a total trading volume of 617.4 thousand. USD, which means that 83% of participants bet yes, against 17% against.
Cardano up 49% this week
Rumors of something special have been raging in the Cardano community all last week. Cryptocurrency has increased by more than 49% in the last seven days. Monthly statistics show that the ADA has grown by 65% and in the last year to date, the ADA has gained an incredible 1,451%.
The upcoming Cardano upgrade could challenge the blockchain leader in smart contracts. What’s more, the recent rise in prices has pushed the market capitalization of the ADA token to nearly $ 70 billion. Currently, the ADA holds the 3rd position in the ranking of the largest cryptocurrencies, next to BTC and Ethereum, which hold the 1st and 2nd positions. Many analysts believe that if the bullish trend continues, the price could soon reach $ 5.
