Blockchain Cardano is only one day away from the upcoming hard fork on September 12, and the community expects functional smart contracts. These can be used for decentralized finance (defi), non-fungible tokens (NFT) and other types of decentralized applications (dapps). Cardano (ADA) managed to record the third largest market capitalization among 10,000+ crypto assets, but has lost more than 17% of its value in the last seven days.
Cardano expects an upgrade tomorrow
With a market capitalization of more than $ 400 billion, Ethereum is by far the largest smartchain today in terms of native token valuation. ETH has held this position for several years, but many other competitors are moving towards the ETH position. In addition to ETH, today’s top smartchains include Cardano, Solana, Polkadot, Terra, Avalanche and more.
Ethereum’s transaction fees and its difficult scaling have led to a shift in resources to other competing smartchains with lower fees and faster transaction times. Cardano has promised to compete with Ethereum, and the next upgrade is expected to give developers the ability to create smart contracts. The September 12 upgrade is called “Alonzo”.
Hard fork will bring the integration of smart contracts and add the ability to create decentralized applications
If all goes according to plan, the community hopes that the network will expand and that it will be possible to use defi, NFT, tokenization and other types of dapps. Alonzo is part of Cardano’s long-term plan, which includes five different phases, Byron, Shelley, Goguen, Basho and Voltair.
At the moment, the Cardano network is in the Goguen era. The developers worked on Goguen in parallel with Shelley, and once this era is over, technically proficient and non-technical individuals will be able to create smart contracts on Cardan.
“Thanks to the integration of smart contracts, the Goguen era represents a big step forward in the possibilities of the Cardano network,” the Cardano team states on its website. “Where the Shelley era decentralizes the core of the system, Goguen adds the ability to create decentralized applications (dapps) on the solid foundations of the Cardano blockchain, which is based on long-term research and development.”
This week, Outlier Ventures published a report on the development of the blockchain in the second half of 2020 and in the first half of 2021, and the Cardano project is one of the best projects in terms of development. In terms of active developers, ETH has 168 and Cardano 165. While Cardano (ADA) has lost more than 17% in the last seven days, annual statistics show that the token has grown by more than 2,555%.