Cardano successfully launched its Alonzo upgrade
Cardano successfully launched its Alonzo upgrade By Editor DiarioBitcoin

With the Alonzo upgrade , Cardano has implemented Plutus

smart contract functionality on the mainnet.

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Cardano has already entered a new phase of development after starting Alonzo on the mainnet. The hardfork took place yesterday Sunday at 21:44 UTC on Epoch 290

and introduced a new network.

So tweeted Cardano lead developer and IOHK

CEO Charles Hoskinson:

Alonzo saw Input Output, the core development team working on Cardano, integrate Plutus

scripts for smart contract programmability.

Over the past few months, Input Output has been continuously testing Alonzo in preparation for the hardfork. In fact, over the past year, Cardano has led the way in terms of number of confirmations per month, according to a report by Outlier Ventures, published by Cryptobriefing

.

Cardano and DeFi

The Alonzo update puts Cardano

on the path to enable a host of new use cases like DeFi. However, it will likely be some time before the network hosts a thriving ecosystem of dApps, in part due to issues of scale, the media says.

Cardano-based decentralized exchange Minswap struggled as a result of network concurrency issues when it tested smart contracts last week. The concurrency issues have been attributed to Cardano’

s method of settling transactions, known as Extended Unspent Transaction Output (EUTXO).

Teams from projects such as SundaeSwap, Maladex</ref>.

em> and OccamFi have already started working on scaling solutions to achieve adequate concurrency for their dApps. When those solutions are implemented, the network is expected to support a thriving DeFi ecosystem. Decentralized exchanges, launch pads and NFT marketplaces are expected to go live in the coming months.

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Price impact

The crypto ADA of Cardano has experienced a surge in recent weeks, however the upgrade did not, as expected, result in a larger increase, on the contrary. According to CryptoMarketscharts, ADA currently trades at an average of USD $2.39, down 8.26% from yesterday at the same time and down 15% from last Monday. But, mind you, it’s still a huge gain for those who bought it in January this year, who have a 1200% capitalization.

Another interesting thing is that a lot of people made trades with ADA in the last 24 hours, raising the number of trades 22% over the average of the last 30 days.

If you want to know more about Alonzo, you can read our articles:

Sources: Twitter, Cryptobriefing ,CryptoMarkets, Beincrypto, archive.

Version by DiarioBitcoin

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