Cardanos ADA Soars to New Heights on Smart Contract Upgrade News
Excitement has built around a major upgrade that will let smart contracts be built on the Cardano blockchain, propelling its price to new heights. The ADA token rose as much as 7.8% Thursday, and is now the third-biggest cryptocurrency by market capitalization, behind bitcoin and ether.
Earlier this week, Cardano developer IOHK announced that the upgrade was being tested on its testnet, and that full release is expected later in September. The update aims to make the Cardano blockchain more attractive to a wider range of users, with improved speed of block production and the ability to develop smart contracts.
The smart contract upgrade is a huge leap forward for the network, bringing it in line with Ethereum and other major protocols. It could also help ADA attract more developers and boost its adoption.
News of the upgrade has sent ADA price soaring to a record high, breaking the psychological resistance at $2.00 and climbing to a two-month high. Strong levels of daily buyer volume have matched price action on the way up signaling a strong conviction in the trend.
According to Coingecko, ADA has surged more than 130% over the last month, and it is now the third-largest cryptocurrency by market cap. It is up more than 2,300% over the last year.
More than 100 smart contracts have been added to the ADA blockchain following the launch of smart contract capability on the ADA mainnet. This is an important step in the development of Cardano’s ecosystem, and it will spur further gains as ADA solidifies its position as the third-largest crypto asset.
Smart contracts are contracts written in code that can be executed without any intermediary party or third party verification. They are designed to simplify the process of entering financial agreements.
The Alonzo upgrade has made Cardano a more attractive network for a number of applications, including decentralized exchanges and gaming, with the ability to mint Non-Fungible Tokens (NFTs). This functionality will allow users to own sports cards with digital signatures that verify ownership.
In addition to enabling NFTs, the Alonzo upgrade will increase ADA’s capacity and improve speed of block production. It will also enable developers to build dApps on the platform and launch new functions such as oracle programs that draw data from external sources to trigger smart contracts.
Investors have been looking for this upgrade to go live, and the launch is a big catalyst for the future of the Cardano blockchain. This is the biggest update to Cardano since its Alonzo fork last year that enabled smart contracts, and it will bring more potential users to the blockchain as the functionality becomes more widely available.
It is a big deal for the network, and it will have a major impact on how the market reacts to ADA. The update is expected to lead to a wave of new developers building dApps and boosting the ADA network.
The latest upgrade has already caused a spike in developer activity, with many of the top dApps on Cardano meeting the required criteria for the upgrade. Currently, Cardano is one of the most actively developed blockchains. The community is very passionate about the network, and this new update should only add to their excitement and enthusiasm for the project.