Cardano expected to blast off with the launch of smart contracts after Alonzo Hardfork
- In a recent livestream, Cardano CEO Charles Hoskinson stated that the launch date for Alonzo hardfork would be announced shortly.
- The altcoin's price is facing resistance from the rising skepticism around smart contract launch.
- Based on Cardano's previous price action, the launch of smart contracts may push the price on the path to $3.
The pessimism surrounding the upcoming smart contracts launch on Cardano is increasing. Odds are 59-41 against, according to recent market positions on the top prediction market Polymarket.
Charles Hoskinson addresses uncertainty around smart contract launch on Cardano
Cardano CEO Charles Hoskinson recently stated in a livestream that the awaited Alonzo hardfork combinator event would be announced in mid-August. Cardano is set to take smart contracts live after the hardfork event, likely in late August or early September.
There is an increase in skepticism around the launch since Hoskinson has announced the addition of smart contract functionality to Cardano several times, followed by a predictable delay. The founder remarks that there is no talk of smart contract functionality being underwhelming. Instead, skeptics are certain that Cardano will not support smart contracts.
Hoskinson tweeted,
It's extraordinary to me the level of skepticism about our upcoming smart contract launch. It's not something like SCs will be underwhelming, but rather it simply won't happen. The critics say it with biblical level certainty. We should start a fund to pay for their therapy
— Charles Hoskinson (@IOHK_Charles) August 4, 2021
In July 2021, Polymarket, a prediction market, opened a betting pool for 'Will Cardano support smart contracts on Mainnet by October 1, 2021?' The odds are 59-41 against, based on the latest data from Polymarket.
According to Hoskinson, Input Output Hong Kong (IOHK) will move to the Purple stage of the multi-phase Alonzo upgrade and start bringing in exchange partners. The hardfork event will be triggered five days before it goes live.
Ahead of the hardfork, investors are curious whether smart contract functionality will arrive on the Cardano mainnet. Cardano's price rally to $3 becomes more likely with the launch of smart contracts following the hardfork event.
The altcoin's price is on the verge of a 40% surge if it closes above the 20-week SMA, which has remained bearish since July 5.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
