On Friday, the price of the token cardano spiked over the $2 handle nearing the crypto asset’s all-time high that took place three months ago. Cardano’s price jump derived from a video announcement stemming from Cardano’s Nigel Hemsley when he explained the Cardano network would upgrade on September 12, 2021. The highly anticipated “Alonzo Purple” upgrade aims to boost the Cardano project with fully functional, advanced smart contract solutions.
Alonzo Upgrade Scheduled for September 12
Cardano is looking to upgrade the network in the near future, as IOHK’s Nigel Hemsley revealed the project plans to launch the upgrade on September 12. In a tweet, Input Output (IOHK) also explained the upgrade will happen on the same date mentioned in the video. The name “Alonzo” derives from the mathematician and computer scientist Alonzo Church. The Alonzo implementation has been slowly upgraded by colored-coded stages with the final being purple.
“It’s happening,” IOHK said. “We’re targeting 12 September 2021 for the ‘Alonzo’ upgrade, bringing smart contracts to Cardano via a hard fork combinator (HFC) event. Find out more about the journey to a new era of smart contracts, defi, and more for Cardano (ADA).” Essentially, the Cardano community believes Alonzo will usher in advanced smart contract solutions and decentralized finance (defi) protocols.
While the biggest features stemming from Alonzo will be smart contracts and defi, the upgrade aims to bolster concepts like tokenization and non-fungible token ideas. Additionally, it has been said that ERC20 tokens deriving from Ethereum will be able to be leveraged on the Cardano chain.
Cardano has been criticized for quite some time, as the community was promised fully functional, advanced smart contracts and other features. Skeptics have even bet on whether or not the Cardano network will support smart contracts by October 1, 2021. The Poly Market bet used to show the odds were against the project, but now 87% say Cardano will succeed and only 13% say it won’t.
Cardano Spike 45% This Week, 1,365% Against the Dollar in 12 Months
Rumors of something special on August 13 have been buzzing about in the Cardano community all last week. While cardano (ADA) jumped more than 16% on Friday, the crypto asset is up over 45% during the last seven days. One month stats show ADA is up 61% and year-to-date, ADA has gained a whopping 1,365%.
At the time of writing, ADA’s largest trading pair is with tether (USDT) as the stablecoin captures 57% of cardano trades on Friday. Bitcoin (BTC) commands around 11.4% of ADA swaps, followed by USD (8.48%), BUSD (5.27%), KRW (4.86%), and EUR (3.91%). Ethereum (ETH) has around 3.48% of the swaps traded with ADA today as well.
Cardano’s market cap is around $65.7 billion which is around 3.31% dominance among all 10,000+ crypto assets worth $1.9 trillion.
What do you think about the Alonzo Purple announcement on Friday and the recent price reaction? Let us know what you think about this subject in the comments section below.