ADA Raised Over $2 After the Release of Cardano’s Alonzo Launch Date

ADA Raised Over $2 After the Release of Cardano’s Alonzo Launch Date

Cardano (ADA) price raised over $2 for the first time in nearly three months. The reason for the price surge is, Nigel Hemsley, Head of Delivery & Project at Input Output (IOHK) has announced that the projects plan to launch the upgrade on September 12.

Accordingly, as previously updated by Cardno founder, Charles Hoskinson that the upcoming updates will happen between August and September of this year.

Moreover, the upcoming upgrade Alonzo name, derived from the mathematician and computer scientist Alonzo Church. The implementation of Alonzo has slowly upgraded by colored-coded stages with the final being purple.

Furthermore, IOHK stated,

“We’re targeting 12 September 2021 for the ‘Alonzo’ upgrade, bringing smart contracts to Cardano via a hard fork combinator (HFC) event. Find out more about the journey to a new era of smart contacts, defi, and more for Cardano (ADA)”.                        

The biggest features stemming from Alonzo will be smart contracts and defi. Moreover, the upgrade aims to bolster concepts like tokenization and non-fungible token (NFT) ideas. Additionally, it has said that ERC20 tokens deriving from Ethereum will be able to leverage on the Cardano Chain.

Furthermore, Cardano has been criticized for quite some time. As the community, promised fully functional, advanced smart contracts and other features. Skeptics have bet on whether or not the Cardano network will support smart contracts by October 1, 2021.

On Friday, ADA price reached $2.08, the highest since mid-may, when ADA was trading at $2.31 at its all-time high. According to CoinMarketCap, the ADA price is trading at $2.13 with a 24-hour trading volume of $8,254,823,777, at the time of writing. However, ADA has increased by 3.58% in the last 24 hours. 

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