There is no going back, Cardano is ready for Alonzo hard fork
- Input Output Hong Kong has triggered the Alonzo Hard Fork on Cardano mainnet, smart contract functionality roll-out on September 12.
- Dogecoin millionaire Glauber Contessoto prepares to go "all in" on Cardano, plans to be ADA's biggest supporter.
- Cardano DeFi set to become a reality with compatibility upgrades across the software stack.
95% of users on Polymarket, a global information markets platform, are betting in favor of Cardano’s smart contract launch. This number was 65% in early August, but now Cardano is ready for decentralized applications and DeFi summer.
Alonzo Hard Fork makes smart contract launch imminent for Cardano
IOHK, the blockchain company behind Cardano, has announced that the Alonzo Hard Fork combinator event has been successfully triggered. This marks an important milestone for ADA as this brings DeFi to Cardano’s blockchain.
LAUNCH CONFIRMED: Today, around 17:26 UTC we successfully submitted an update proposal to the #Cardano mainnet, to trigger a hard fork combinator event on Sunday #Cardano $ADA 1/6 pic.twitter.com/rEtjrdGiBV
— Input Output (@InputOutputHK) September 7, 2021
IOHK tweeted,
We’re on our way. Remember, this may be the end of one long journey. But it’s the start of an exciting new phase in our development as a #smartcontracts network. We’ll have lots to share over the months ahead as our exciting ecosystem continues to grow.
Cardano’s smart contract launch on the testnet was severely criticized for concurrency issues. MinSwap, the first decentralized exchange that tested the functionality, raised concerns stating that only one user could interact with the protocol at a time. This led to the speculation that Cardano’s upgrade won’t support dApps in the same way as Ethereum does.
However, IOHK has commented on the issue since then, assuring users and the community that Cardano adopts a novel approach and a different operational mechanism has been successfully applied to bypass the challenge.
Users on Polymarket displayed renewed confidence in the altcoin and the roll-out of the smart contract functionality. 95% participants have bet in favor of Cardano in the “Will Cardano support smart contracts on mainnet by October 1st, 2021?” question mark. This number is up 46% since the past month.
Glauber Contessoto, a Dogecoin millionaire, is preparing to go “all in” on Cardano and plans to be ADA’s biggest supporter. Contessoto said,
I’m going to start buying up as much Cardano as humanly possible with every bit of money I start making from now on.
Mark Cullen, managing director of Alpha | DLT predicts that ADA will drop to $2 in the ongoing correction.
-- $ADA UPDATE / Chart Request --
— Alpha | DLT (Mad Banana #6756) (@mark_cullen) September 8, 2021
Well this aged well
I think we still see that target of just shy of $2 hit before this correction is completed
Play #SAFU#Crypto #CardanoCommunity #Cardano https://t.co/wT7r4JOHuC pic.twitter.com/JOPKt7iR4B
FXStreet analysts have a bullish outlook, expect ADA to hit a new all-time high once it crosses key resistance level.
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.
