- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Gainers Price Prediction: CRO, ZEC, FLOKI struggle to extend gains after double-digit rise
Layer-1 cryptocurrencies Cronos (CRO) and Zcash (ZEC), alongside the meme coin Floki (FLOKI), recorded a double-digit rise on Tuesday, outpacing the market in 24-hour gains at press time on Wednesday. However, as the crypto gainers reach crucial resistances, momentum wanes, and the struggle to extend gains begins.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC holds ground while ETH and XRP eye further gains
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) present a mixed but optimistic outlook midweek as BTC holds steady while ETH and XRP show signs of renewed bullish momentum. The largest cryptocurrency by market capitalization is stabilizing at a critical support level as traders await a catalyst.
Cronos surges 20% on inclusion in Trump Media's Blue Chip ETF
Crypto.com's native token Cronos (CRO) saw double-digit gains on Tuesday following Trump Media and Technology Group's (DJT) filing with the Securities & Exchange Commission (SEC) to launch a Blue Chip exchange-traded fund (ETF).
Bitcoin volatility drops to third-lowest level since 2012 amid rise in BTC treasury companies
Bitcoin (BTC) trades above $108,000 on Tuesday following a steady decline in its volatility in the first half of the year, marking the third-lowest H1 volatility since 2012. The decline comes despite increased Bitcoin treasury adoption among publicly traded companies, with NYSE-listed Sequans Communications (SQNS) raising $384 million to fund its Bitcoin treasury.
Bitcoin: BTC ends Q2 with 30% gains, Standard Chartered eyes $200K by year-end
Bitcoin (BTC) closed a strong second quarter (Q2), recording nearly 30% in quarterly gains amid rising corporate and institutional demand and bullish market sentiment.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.