Cardano’s long-awaited Alonzo upgrade has been scheduled for September this year. This news has also positively impacted the price of ADA, Cardano’s native token.
The unveiling of Alonzo Purple boosted the value of Cardano’s native token, ADA. Nigel Hemsley, Head of Delivery & Products at IOHK, announced the much-awaited Hard Fork Combinator [HFC] event on September 12th, 2021. With the launch of Alonzo Purple, the ADA price has reflected the traders’ confidence.
During a live video stream, Hemsley stated that the updates so far have worked well and that the network appears to be durable enough.
The testnet’s nodes were up and running, and individuals started staking and using the smart contracts. After the previous updates on the testnet had stabilized, IOHK announced the launch of Alonzo Purple, tweeting, “It’s happening.”
It went on to say,
Ethereum, XRP, and Cardano are leading the market’s $95 billion resurgence“We’re targeting 12 September 2021 for the ‘Alonzo’ upgrade, bringing smart contracts to Cardano via a hard fork combinator (HFC) event.”
This update is critical to the Cardano ecosystem because it adds smart contracts and decentralized finance [DeFi] protocols to the network.
It will also promote tokenization and non-fungible token notions. Following the update, it was also stated that users would be able to use ERC20 tokens on the Cardano blockchain.
As the update unfolds, the team points out that their partners and clients are already working on decentralized applications, or DApps, which they will be able to finish after the HFC event is over.
Investors’ optimism was fuelled by the Alonzo Purple news and upcoming advances in the Cardano ecosystem. The asset’s value increased by 72 percent in August alone as a result of this.
The digital asset’s price rose from $1.25 to $2.15 as a result of the surge, and it was trading at $2.17 at the time of publication.
