Cardano Smart Contracts Are a ‘Very Bullish Catalyst' for $ADA, according to a crypto analyst.

Popular crypto analyst Lark Davis (@TheCryptoLark on Twitter) stated why the forthcoming rollout of Cardano's Alonzo hard fork, which adds support for smart contracts, is very optimistic for $ADA on Friday (August 13).

Cardano's ability to fully support the kinds of decentralized apps (Apps) that have made Ethereum such a successful blockchain platform is significant, according to the New Zealand-based crypto influencer.

Davis stated, "

  • Smart contracts for Cardano are “just around the corner,” which is “a long-awaited and extremely optimistic trigger for the asset.”
  • On the public Cardano testnet, smart contracts are now available.
  • Cardano native DeFi apps will be available shortly, while apps on other platforms, such as SushiSwap, will be able to "integrate with Cardano to collect liquidity."
  • Despite the fact that Cardano has been able to support non-fungible tokens (NFTs) since the May hard fork went live on March 1 and that there is already a "niche but growing / thriving NFT market," NFTs on Cardano should become even more popular once smart contracts are enabled, as this will "allow for decentralized markets."
  • "Its huge and enthusiastic community" is Cardano's biggest strength.
  • If all goes smoothly with the Alonzo hard fork, we could see $ADA surge "a couple hundred percent" following the mainnet launch.

The Cardano protocol is being developed by blockchain technology startup IOHK (or "IOG"), which announced the date for the Alonzo hard fork on the Cardano mainnet later that day (August 13). $ADA's current bull run has been aided by this news.

Cardano's Alonzo hard fork combinator event has been scheduled on September 12, according to Nigel Hemsley, Head of Delivery & Products at IOHK, who told Tim Harrison, Marketing & Communications Director at IOHK, during Cardano's "Mid Month Development Update" event on August 13.


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