Cardano Alonzo upgrade to take place today
At more than $400 billion, the Ethereum (ETH) market is now by far the largest smart contract platform in terms of fiat valuation. Ethereum has held this position for a number of years, but a number of other smart-contract crypto asset networks have been moving towards ETH’s position. In addition to ETH, today’s top smart contract markets by market valuation include Cardano (ADA), Solana (SOL), Polkadot (DOT), Terra (LUNA), Avalanche (AVAX), and others.
Ethereum’s fees and difficulty scaling have led funds to migrate to other smart contract competitors with lower fees and faster transaction times. Cardano has promised to be an Ethereum competitor, and the next upgrade is expected to offer functional smart-contract features to developers. The upgrade today, September 12, is called “Alonzo.”
Smart Contract went live on Alonzo Purple on September 1, opening the gates for new dApps and NFT minting on the test network ahead of the main network launch. While many naysayers are still betting against supporting the Smart Contract, the Cardano network has managed to make major upgrades in a timely manner.