Cardano Attains $3 Price Mark as Smart Contract Launches on Testnet
Cardano (ADA) has crossed a new milestone in the week leading to Alonzo mainnet upgrade slated for September 12. After grazing a previous all-time high of $2.97, the native token of Cardano blockchain has broken out from its former ATH to above $3 confirming previous predictions on its price. However, the catalyst behind the run is the integration of the smart contract feature on Alonzo testnet.
Community members and ADA investors have been awaiting this moment for a long time. Although the mainnet or Hard fork upgrade is only a week and some days away, the testnet launch is likely to gather the momentum for a further rally, perhaps to a $5 price mark. Before the latest upswing, Cardano had broken through its support of $2.55 to a low of $2.51, in the wake of a general market correction.
Cardano (ADA) Disregards 40% Correction Prediction
After attaining its previous ATH, analysts had predicted a 40% correction before it climbs to $3 or above, but ADA did not make such a move, perhaps owing to the strong momentum generated by Alonzo launch announcement. ADA becomes the biggest altcoin gainer after Solana, which has likewise had an impressive run from the previous week. In light of its latest rally, ADA is now up by over 1500% from the start of 2021.
As the largest proof-of-stake blockchain, Cardano, a potential Ethereum Killer, has attained smart contract status after years of ridicule from Ethereum community members. The smart contract feature is set to confer value on the blockchain, which otherwise lacks one. On this basis, Cardano critics like Mike Novogratz, who has spared no words in lashing out at ADA can eventually retract their words.
Cardano to Support DeFi Activities via Alonzo
Alonzo will introduce decentralized finance activities such as staking, liquidity farming and non-fungible tokens on the blockchain, and allow the creation of DApps to enable these activities. Cardano’s Alonzo has been built with the programming language, Plutus, just like Ethereum’s Solidity. For now, the feature is only available on the testnet awaiting a mainnet integration. According to reports, SPOs will only have to upgrade their mainnet nodes.
Meanwhile, Cardano founder, Charles Hoskinson has advised community members to be patient until the Hard fork integration. This comes on the heels of reports that the delay seems to have drawn the ire of some members who tagged the project scam.
Citing the recent attack on DeFi protocol, Poly Network, Hoskinson noted that the first-to-market approach had more cons than pros. He added that himself and the dev team were more concerned about rolling out a hard fork devoid of bugs and other issues. He also declared that no crypto project had an upper hand, and likened the struggle for relevance among blockchains to a pool next to ocean, with no actual winner.
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