By Hannah Perez
The long-awaited smart contracts hit Cardano’
s test network this Tuesday, according to schedule. The announcement boosted the price of ADA to new heights.
, just took a crucial step that marks a new milestone for the project: the rollout of smart contracts.
‘ smart contract capabilities. The development team announced the news via its official Twitter account:
Yesterday we upgraded the Cardano test network, successfully deploying the Plutus smart contract capability. We are now focusing on final component testing and exchange integrations, ahead of the Alonzo mainnet upgrade, scheduled for deployment on September 12.
Yesterday, we upgraded the #Cardano testnet, successfully deploying #Plutus #smartcontracts capability. The focus now is on final component testing & exchange integrations, ahead of the #Alonzo mainnet upgrade, still on track for deployment on 12 September ???? #Cardano $ADA pic.twitter.com/lrdiYIiNKD
– Input Output (@InputOutputHK) September 2, 2021
It should be noted that smart contracts have not yet been added to the <a href=”https://www.diariobitcoin.com/glossary/cardano/” target=”_blank” rel=”noopene
r”>Cardano. However, the deployment of the functionality in the test network marks the step prior to the arrival of the smart contracts to this blockchain. This is expected to finally happen on September 12, via the hard fork ‘Alonzo’ on the mainnet.
Cardano will finally test its potential
After the long-awaited update, Cardano will enter the long-anticipated Goguen Era, which means that developers will finally be able to start building decentralized applications (dApps) on top of this network. This will also mean that, for the first time, Cardano it will be able to host decentralized finance platforms (DeFi), native tokens, including NFT, among other things.
Currently, Ethereum dominates in the DeFi space with a total blockchain value of USD $95.8 billion, according to data from Defipulse. On the other hand, the network is also positioned as the leader within the growing non-fungible token market. One of the leading NFT platforms, OpenSea, recently surpassed USD $3 billion in transaction volume in. Ethereum.
Expectations are high around the potential Cardano of taking a significant share in these growing decentralized project spaces. In fact, Charles Hoskinson, the principal founder of Cardano, who was involved in the development of Ethereum during its early days, has advanced that at least 100 Ethereum DeFi projects will migrate to Cardano after the upgrade.
Expectations for the enormous potential of <a href=”https://www.diariobitcoin.com/glossary/cardano/” target=”_blank” rel=”noopener”>Cardano once smart contracts arrive is also favoring the price of the network’s native cryptocurrency, ADA. This Thursday, amid announcements of the latest update, the token topped USD $3 for the first time.
Although by the time of editing, ADA has dipped slightly trading around USD $2.97, it is expected that the rollout of the smart contracts could propel the cryptocurrency from Cardano to new price heights over the coming weeks.
Article by Hannah Estefania Perez / DiairoBitcoin
Image from Unsplash