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Cardano’s Alonzo Smart Contract Rolls Out, Yet ADA Price Remains Unaffected!

source-logo  coinpedia.org 13 September 2021 07:34, UTC

On September 12, 2021, a much-awaited Alonzo hard fork upgrade on ADA had been completed successfully. The community members are now allowed to create and execute smart contracts on the public blockchain. The network despite celebrating the milestone, observes that it is still in the early days of the project with no expected Cardano(ADA) price spikes. 

1/2 Upgrade successful.

Moments ago, we deployed the #Alonzo upgrade at the epoch rollover.

Welcome to the start of a new era for #Cardano $ADA pic.twitter.com/r6QNvTv4pt

— Input Output (@InputOutputHK) September 12, 2021

Also Read: Everything You Must Know Of The Polkadot Contrast Rally, DOT Price Could Hit $50 Very Soon

Why ADA Price Is Stagnant Despite Smart-contract Launch?

  • On September 4th, 2021, Minswap was the first dApp to go live on Cardano public testnet. The upgrade experienced backslash for imperfect user experiences. Popular Ethereum educator Anthony Wassano slammed Cardano, addressing the fundamental issues faced by ADA’s smart contract testnet launch.

The first dapp went live on Cardano today and ADA fanboys are finally discovering that you can't peer review your way out of fundamental issues. pic.twitter.com/tYQXNcVKGN

— Anthony Wassano 🦇🔊 (@sassal0x) September 4, 2021
  • Crypto community and developers questioned Cardano’s ability, as it could able to process only one transaction per block. Addressing the FUD, IOHK released technical documentation to assist developers but seems nothing worked out as ADA price remains stagnant even after the launch.
  • Concurrency issues: This means two different users cannot communicate with a smart contract at the same time. 
  • Alonzo upgrade is not up to date. ADA’s slow development will become ineffective once ETH 2.0 comes into effect. Additionally SOL’s rust contract, Matic smart contracts fascinating the crowd.

When Will Cardano(ADA) Price Hit $5?

However, amid rising FUD, the Cardano network urged the user base via tweet to maintain sensible expectations followed by the Alonzo upgrade launch.

"The Alonzo upgrade will bring highly anticipated capabilities to Cardano… 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 #CardanoCommunityhttps://t.co/hb82U2OMyq

— Cardano Foundation (@CardanoStiftung) September 12, 2021

The ADA network hailed Alonzo hard fork as a milestone step for the blockchain’s DeFi capabilities. Cardano aimed to rival Ethereum’s monopoly in hosting dApps and web3 applications. Moreover, testnet results are not final, it takes a few more months until it lives up to its set standards. 

However, the hype for Alonzo Hardfork’s upgrades recently spiked Cardano’s price to record new highs. ADA rallied by 190% from $1.12 in mid-July to $3.10 on September 3rd. Trend and RSI factor hints ADA is now looking for a strong support zone at $2.40. Fixing scalability issues that exist in the present upgrade would help the price to break the resistance at $3.10. 

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