Cardano Upgrades Testnet For Smart Contracts Capability Successfully As ADA Accelerates

Cardano has declared the Alonzo testnet hardfork, which took place on September 1, to be a success, bringing it one step closer to the Mainnet launch on September 12, 2021.

The deployed updates, according to its parent firm IOHK, are integrating as intended, and extensive testing is underway to ensure that everything is ready for the imminent hardfork.

“We successfully deployed #Plutus #smartcontracts capabilities on the #Cardano testnet yesterday. The focus currently is on final component testing and exchange integrations in preparation for the #Alonzo Mainnet upgrade, which is still on pace to be live on September 12th.”

The ADA is on the rise.

Cardano's native cryptocurrency, ADA, rose 10% on the day in response to the announcement, reaching a new all-time high of $3.10 from an initial price of $2.81. The ATH is also unsurprising, given the steady gains in the price of ADA seen in August as a result of the buildup in expectation of the successful deployment of smart contracts capability on both the testnet and the Mainnet.

ADA is up 2% at the time of publication, trading at $2.99 after a minor price adjustment. Furthermore, ADA has surpassed Tether and Bitcoin Cash to become the world's third-largest cryptocurrency by market capitalization in August.

According to CoinMarketCap data, ADA has climbed 135 percent in 30 days from $1.32 to the current ATH of $3.10. As a result of this achievement, ADA's market value has fast approached $100 billion (at $97.5 billion) and the large distance between it and Ethereum's ($443.2 billion) at position 2 has narrowed.

What is Cardano's next step?

The Cardano community sees the testnet upgrade as an early indicator of the protocol's future success once it is put on the Mainnet in the upcoming September 12 hardfork.

Cardano's vulnerability against top competitors like Ethereum and others like Solana and Polkadot has been its inability to facilitate smart contract development, despite being a leading blockchain ecosystem.

If all goes according to plan, IOHK pledges that everything will change after September 12. Everything is on plan, according to Nigel Hemsley, the head of Delivery and Projects at Cardano's development business, IOHK. IOHK and other associated partners will test the network's stability and security over the next two and a half weeks, as well as ensure that the smart contract code is running properly.

“In preparation for the Mainnet launch, 140 exchanges will migrate from Alonzo Purple to the live production environment at this time.”

The Mainnet hardfork is also intended to usher in a new age for Cardano, enabling decentralized finance, decentralized exchanges, and other innovative decentralized apps developed by developers.


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