Cardano successfully put the Alonzo hard fork on the network on September 12th integrated. Thanks to this upgrade, smart contracts can now be built on the network, and they are making full use of them.
The Cardano Alonzo hard fork is a great success
Within 24 hours of the Alonzo hard fork, 100 smart contracts were running on the Cardano network. The blockchain has reached 100 smart contract milestones within 24 hours of the Alonzo upgrade. Charles Hoskinson, the founder of the Cardano blockchain, called the Alonzo rollout a great success. He said:
“This upgrade is the culmination of six years of hard work with some of the brightest minds in blockchain and beyond. The focus is now on further improving the platform and ensuring Cardano is adopted by businesses and governments. With this launch, commercialization is as much in the hands of the community as the system architects, and they are already delivering – over 100 smart contracts have been executed in less than 24 hours.”
The integration of smart contracts is Cardano’s biggest upgrade to date. This allows it to compete with Ethereum and Polkadot. The blockchain could now host dApps, Defi protocols, and even NFTs. And perhaps what makes the success even more beautiful is that it silences all the critics who have attacked Cardano for years.
Many people even started betting money that Cardano will not be able to integrate smart contract support in time. People like PolymarketQ and Polygon co-founder Sandeep Nailwal lost the bet and now Hoskinson wants them to honor their bets.
Looks like we got another donation coming https://t.co/Km6gsL8S6i
— Charles Hoskinson (@IOHK_Charles) September 14, 2021
The ADA price is starting to recover
In the run-up to the Alonzo hard fork, the ADA price started to rise enormously. The currency even reached a record high of $3.10 a week before the upgrade. However, the price dropped after the market-wide crash that coincided with the actual rollout of the Alonzo upgrade. On September 7, the price even briefly dropped to a low of $2.00, but since then the road to recovery has started.
At the time of writing, the Cardano price is around $2.53. This while the price was still around $2.35 1 day ago. That means that the price has already risen by more than 8 percent today. In addition, several technical indicators seem to indicate that the ADA price may soon experience another major rally.
