As cryptocurrency exchanges begin to integrate smart contract upgrades, Cardano is poised for a massive boost.

Cardano (ADA) has been a standout in the recent crypto market rise, with a month-to-date gain of 63 percent. Following the establishment of $2 critical support, the fourth-largest cryptocurrency by market capitalization climbed to its highest level since mid-May, crawling above $2.20.

However, at the time of publication, ADA had retreated somewhat and was displaying symptoms of profit-taking. The cryptocurrency has lost 1.44 percent in the last 24 hours and is currently trading for around $2.01. Strengthening fundamentals, on the other hand, could push ADA higher in the near run.

Exchanges are actively collaborating with the Cardano Foundation to ensure that they are Alonzo ready.

Since the rollout of the Alonzo Purple upgrade, the Cardano network has onboarded over 250 people, according to IOHK. Six exchanges are also “actively engaging” with the Cardano Foundation to adopt the game-changing smart contract upgrade.

The Cardano team anticipates a big growth in this number over the course of the week. Before Alonzo is published on the mainnet, the goal is to ensure that the majority of exchangers are ready.

In the Monday post, IOHK also announced that the Plutus "mainnet candidate" has been released to the node team for integration before being passed to the Alan, Dorin, and QA testing teams. Once they've granted their approval, they'll transmit it to the component teams, who will then make any final changes before the September 1st Alonzo hard fork on the testnet.

Cardano has had a nice run this year, and an upgrade might help it soar. The massive increase was fueled by upcoming technology advancements, notably smart contracts on Cardano, which Lark Davis, a well-known trader, described as a “very positive catalyst” for the coin. Davis pointed out that a 6X increase would bring ADA's market valuation up to par with Ethereum's, adding:

“However, if Cardano gets it right, we may see it rally a couple of hundred percent after smart contract customers begin to use!”

In short, Cardano's success has been fueled by the much-anticipated upgrade, and the debut of smart contracts on the blockchain may continue to bolster the cryptocurrency.

Smart contracts, which were first popularized by Ethereum, are financial contracts that allow a variety of financial services to be performed on a distributed ledger without the use of a third party. The Alonzo upgrade will bring a portion of the $126 billion decentralized finance (DeFi) industry to the Cardano platform.


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