Upgrade Alonzo has been officially rolled out on the Cardano network. The coin is highly likely dropping to bounce off powerfully.
The Alonzo upgrade adds the possibility to launch smart contracts. This means that DeFi projects and popular non-fungible tokens (NFT) will now be launched on the Cardano platform. ADA creator Charles Hoskinson stated at this event:
– So much code was written and a lot of very careful thought went into building a very novel model that’s ubiquitously beneficial, if anything, as an experiment for the industry [that] we feel is the best industrial model.
Hoskinson is very hopeful that the ADA community will now grow rapidly, and this will enable the platform to become the main platform for launching applications. The Cardano founder points that a special language Plutus has been created for developing applications, and it “offers a suite of components that will allow both technical and non-technical users to build on the network”.
After the official upgrade, ADA dropped by almost 13%, from the price of $2.77 to $2.42. The entire week before the event, the coin was trading in the $2.2 – $2.6 corridor. The all-time high was updated earlier at the very beginning of September at $3.1.
Hoskinson supposes that the cryptocurrency may need to be corrected for several more weeks while developers master the platform. But then an incredible skyrocket is expected, which will be based on two new fundamental factors: the launch of the updated version of Plutus and the Cardano Summit 2021. There will be a big hype that will lead to a soaring price of the coin. Hoskinson elaborates:
– A few weeks later, the latest and greatest version of the Plutus application backend will be released and we’ll have the summit. And there will be a huge spotlight on the ecosystem as a whole. That will be a great event.
Obviously, the Input Output Hong Kong (IOHK) team that created Cardano (ADA) has big ambitions and may even dethrone Ethereum as the leading altcoin. At the beginning of the year, it was hard to imagine this could be real. Then ADA was worth $0.1751, its capitalization was less than $6 billion and was 17 times less than the capitalization of ETH. For 9 months, the coin demonstrated 17x growth, now its capitalization is only 5 times less than of the leading altcoin. Perhaps we are witnessing the decline of the Ethereum empire.