Cardano has successfully implemented the Alonzo White Hard Fork and thus marks a further step on the way to smart contracts.
According to the developer of Input Output Hong Kong (IOHK), Cardano’s Alonzo hard fork has been successfully implemented. In a variety of tweets Posted on July 15, IOHK said that “the network is excitedly generating blocks”.
The Alonzo hard fork is an important milestone in Cardano’s roadmap and paves the way for smart contract functionality. The full release is expected in August and will bring some significant changes to the Cardano network, including the ability to host decentralized financial (DeFi) applications.
Many expect the potential and benefits of ADA to explode after this release. It is considered the culmination of years of development when the route is carefully calculated. The hard fork is part of the Goguen phase of the roadmap, which specifically addresses the challenge of deploying smart contracts.
In addition, they also announced that members of ProjectCatalyst and many other Plutus partners will join the network. There are reports that hundreds of people are currently active on the Alonzo White Network. ProjectCatalyst also funds various DeFi applications on the network.
IOHK CEO and Co-Founder Charles Hoskinson also spoke about the Alonzo Hard Fork in a Video published on YouTube. He mentions Alonzo Testnet updates and a general development statement.
ADA has had a very successful and bullish 12 months. In addition to this smart contract functionality, several key functions are also implemented. Next up is scaling and governance, although it can take longer.
Weekly ADA / USDT Chart | Source: Tradingview
In addition, ADA is one of the most powerful coins in the bull market. It has also overtaken Bitcoin as the most held asset on the eToro platform, and they cite the Alonzo fork as one of the main reasons behind the price surge.
Grayscale Investments also included ADA in its large-cap funds, making it the third most popular asset. ADA ranks second in Grayscale’s portfolio after BTC and ETH.
User activity has also increased, with over 650,000 staking addresses registered in June 2021. The total estimated value of the ADA staked is $ 29 billion, representing over 70% of the total supply.
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