Cardano Smart Contract Upgrade Successfully Deployed But ADA Dumps

Share Article
In Brief
  • Cardano has finally launched its smart contract upgrade

  • There is a lot more work to do according to IOHK

  • ADA takes a 12% hit down to $2.44

  • promo

    Bybit Launchpool: Stake BIT to Earn BIT. Redeemable Anytime. Join Now!

The Trust Project is an international consortium of news organizations building standards of transparency.

The highly anticipated smart contract upgrade for Cardano has finally been deployed, though the price of its native ADA token has dumped today.

Sponsored



Sponsored

InputOutputHK, the company behind Cardano, posted an update in the early hours of Sept 13 reporting that the Alonzo upgrade has been successfully deployed.

The stated “The Alonzo upgrade is an epochal moment in the birth of a new ecosystem,” in a blog post celebrating the event on Sept 12.

Sponsored



Sponsored

The upgrade introduces smart contract capabilities through the Plutus language on the Cardano blockchain. IOHK stated that this is just the beginning of what it has been trying to achieve.

“This is where the mission truly begins as we – the whole community – start delivering on the vision we have all been working towards for so long.”

Cardano playing catch-up

While it is a mighty achievement for the network, it is still largely operating in the shadows of Ethereum which is the industry standard for smart contracts and dApps despite the high cost of using it.

Cardano is angling to become a powerhouse in decentralized finance with the technology upgrade. “By allowing Plutus scripts to be written and executed on-chain, we’ll have the backbone for a new decentralized application platform, enabling numerous dApp and decentralized finance (DeFi) use cases,” it stated.

It added that 150 projects are developing concepts on Cardano’s Project Catalyst innovation program, and around 800 projects have applied for $4 million worth of funding.

There was a caveat though as Cardano warned about early issues and malfunctioning dApps that are still largely experimental. “Inevitably too, we can expect bad actors looking to take advantage via hacks, exploits, and the likes,” it added.

Last month Weiss Crypto made some scathing comments over Cardano’s regulatory compliance, something it alleged could result in the network becoming more centralized.  

ADA tanks 12%

The buildup to the launch has given ADA a massive boost, propelling the token to third place in the market capitalization charts with an all-time high of just over $3 earlier this month.

Now that Alonzo is live, the FOMO has waned and ADA has taken a massive hit over the past day or so. At the time of writing, ADA had tanked 12% from Sunday’s high of $2.77 to $2.44 according to CoinGecko.

Holders of the token were already expressing disdain at the price action but a pullback after such a large bull run is to be expected. ADA is currently down 21% from its all-time high which is much better than most other high cap crypto assets.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

Follow Author

Limited offer! Learn to mine and trade crypto today for free

Join

Bit2Me ICO JUST STARTED! Buy B2M token now.

Buy now!

The BIT Time Rush. 8M BIT to Be Won. Three Innings; Massive Winnings.

Join Now!