The ADA token broke out to a new all-time high Thursday, nearing $100 billion in market cap.

Cardano’s ADA token surged more than 7% Thursday to an all-time high over $3 as the project’s lead developer announced that smart-contracts functionality had been activated on a test network, bringing the blockchain a step closer to competition with Ethereum.

The ADA price rose as high as $3.09 before slipping to around $2.94 as of press time.

The latest rally came as lead developer IOHK, headed by Charles Hoskinson, tweeted that the Cardano test network had successfully deployed smart-contracts capability, and that the focus would now turn to the “Alonzo” upgrade of the main network, “still on track for deployment on Sept. 12.”

Cardano is currently the third-largest cryptocurrency by market cap ($93.7 billion), behind rivals bitcoin ($934 billion) and Ethereum’s ether ($439 billion). The ADA token has soared 1,583% this year, versus 69% for bitcoin and 417% for ether.

Cardano is considered one of the so-called “Ethereum-killers” – fast, programmable blockchains that might eventually unseat Ethereum as the leader in the decentralized finance (DeFi) space, as well as in other use cases like non-fungible tokens or NFTs. The group, which also includes Solana, Terra and Polkadot, saw triple-digit price gains last month as Ethereum looks to resolve critical issues such as congestion and high fees on its network.

Testnet deployments and network upgrades known as “forks” are widely viewed as significant milestones for a cryptocurrency’s development, as nascent blockchain projects slowly mature and add new features.

According to an informational video from IOHK, the recent upgrade will aim to test for stability, security, and the foundational code to write smart contracts is working properly.

The Cardano network is in the third phase of its five-era roadmap. The current “Goguen” era aims to add smart contract functionality to Cardano, giving developers the ability to build decentralized applications on the blockchain.

In the Cardano ecosystem, Alonzo is one of the sub-phases of the Goguen era, which is further split into the the three Blue, White and Purple phases. Cardano’s smart-contract language is called Plutus.

Cardano is eyeing Sunday, Sept. 12, as the switch date to its mainnet, giving developers just under two weeks in the current test environment.

A spokesperson for Cardano did not immediately respond to a request for comment.

All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

AVAX price edges closer to 40% breakout as Avalanche allocates $3 million to Stake DAO

AVAX price is teetering below the upper trend line of a parallel channel, hinting at a breakout. A decisive close above $61.09 will confirm the start of an uptrend to $75.32. Avalanche Foundation is allocating $3 million as incentives across all Stake DAO Avalanche strategies.

More Avax news

Bitcoin investment inflows soar as analysts predict another BTC ETF launch later this week

The first Bitcoin ETF is ready for its debut on the NYSE on October 19, marking a significant milestone in the crypto industry. A Bloomberg analyst suggests that another Bitcoin ETF could begin trading later this week ...

More Bitcoin news

Litecoin Price Prediction: LTC on the cusp of 26% breakout

Litecoin price is on the penultimate leg of a technical formation that will catalyze a quick bull rally. LTC needs to clear one critical hurdle to kick-start a run-up to levels last seen more than a month ago. A breakdown of $165.28 will create a lower low, invalidating the bullish thesis.

More Litecoin news

US Treasury highlights crypto as threat that could harm efficacy of sanctions

The US Treasury Department has issued a review of sanctions for 2021, expressing some concerns that could undermine its strength and trust. ryptocurrencies were viewed as a threat as its adoption continually increases. The department stressed the need for better communication and ...

More Shiba Inu news

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP