On Friday, the price of the Cardano token rose above the $ 2 handle, nearing the all-time high of the crypto asset that happened three months ago. Cardano’s price jump resulted from a video announcement by Cardano’s Nigel Hemsley when he stated that the Cardano network would be updated on September 12, 2021. The eagerly anticipated “Alonzo Purple” upgrade is intended to advance the Cardano project with fully functional, progressive smart contract solutions.
Alonzo upgrade planned for September 12th
Cardano intends to upgrade the network in the near future as IOHK’s Nigel Hemsley has project plans to start the upgrade on 12th September. In a tweet, Input Output (IOHK) also stated that the upgrade will take place on the same date mentioned in the video. The name “Alonzo” is derived from the mathematician and computer scientist Alonzo Church. The Alonzo implementation has been slowly updated through color-coded levels, with the finale being purple.
“It happens,” said IOHK. “We are aiming for the ‘Alonzo’ upgrade on September 12, 2021 and are bringing smart contracts to Cardano via a Hard Fork Combinator (HFC) event. Learn about the journey into a new era of Smart Contracts, Defi and more for Cardano (ADA). ”Essentially, the Cardano community believes that Alonzo will adopt advanced smart contract solutions and decentralized financial protocols (Defi).
While Alonzo’s biggest features will be Smart Contracts and Defi, the upgrade aims to strengthen concepts like tokenization and non-fungible token ideas. In addition, it has been said that ERC20 tokens sourced from Ethereum can be used in the Cardano chain.
Cardano has been criticized for quite some time as the community has been promised fully functional, advanced smart contracts and other features. Skeptics have even bet on whether the Cardano network will support smart contracts by October 1, 2021 ‘T.
Cardano spike 45% this week, 1,365% against the dollar in 12 months
Rumors about something special on August 13th made the rounds of the Cardano community for the last week. While Cardano (ADA) was up more than 16% on Friday, the crypto asset was up over 45% in the past seven days. Statistics for a month show ADA is up 61%, and since the start of the year, ADA is up a whopping 1,365%.
At the time of writing, ADA’s largest trading pair is Tether (USDT) as the stablecoin is capturing 57% of Cardano trades on Friday. Bitcoin (BTC) controls around 11.4% of ADA swaps, followed by USD (8.48%), BUSD (5.27%), KRW (4.86%) and EUR (3.91%). Ethereum (ETH) also has around 3.48% of the swaps traded with ADA today.
Cardano’s market capitalization is around $ 65.7 billion, which equates to a dominance of around 3.31% among all 10,000+ crypto assets valued at $ 1.9 trillion.
What do you think of the Alonzo Purple announcement on Friday and the recent price reaction? Let us know what you think on this matter in the comments below.
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