Cardano Price Falls Amid Launch of its Much-Awaited Smart Contracts

Cardano Price Falls Amid Launch of its Much-Awaited Smart Contracts

A major upgrade over the weekend gave the Cardano network the ability to execute smart contracts, giving it a boost over competitors like ethereum. The hard fork update done yesterday allows smart contracts to be authored in Plutus scripts, which have been under development since May 2021.

Pooltool, a Cardano data aggregator, reports 825,755 ADA staking wallets today. This is a 35%+ rise since June. Stake pool ADA totals $ 59.86 billion or 71.4 percent of total ADA supply ($ 83.9b). This means that the bulk of the Cardano native coin, ADA, is staked on the network.

Delayed Smart Contract Draws Criticism

The Cardano blockchain now supports NFTs. It offers minimal minting and transaction costs on the network and does not need smart contracts to generate. On its testnet, the first decentralized application (DApps) launched in early September came into problems with concurrent transaction processing.

Despite debuting, in September 2017, Cardano, criticized for not delivering smart contract capabilities. Dominic Williams, the creator of Internet Computer (ICP), slammed Cardano for its late smart contract debut.

He stated:

“It amazes me that this chain had been in the market for 2 years, and is only just adding support for smart contracts, and people are happy with this progress.”

Despite criticism, ADA, the native of Cardano, reached $3.10 at the beginning of the month, an All-Time High. Although Cardano (ADA) price dropped over 10 percent on the launch of its smart contracts. Furthermore, ADA is now trading at $2.39 a token as per CoinMarketCap.

Recommended for You

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.