smart contract functionality on the mainnet.
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:
Yes, yes they are pic.twitter.com/GYhhuQuRXX
– Charles Hoskinson (@IOHK_Charles) September 13, 2021
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.
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.
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:
Version by DiarioBitcoin
Image by Unsplash