Finally, the Cardano network has upgraded its smart contract. This will step up its competitiveness with rival Ethereum.
Input-Output HK, The network developers, confirmed through a tweet on Sunday that the upgrade rollout was successful.
On the same day, Cardano said it had deployed “Plutus smart contract capabilities through a blog post.” Following the completion of Alonzo hard folk.
In a recent interview, Cardano’s founder said. “That’s the most significant change in the history of the protocol.” On the current upgrade.
The Alonzo upgrade allows smart contracts to run on the blockchain. Thus, allowing for a new sweep of DeFi applications and programmability. This development has earned Cardano’s “Ethereum killer” title.
The upgrade has improved Cardano to host Non-fungible tokens. Moreover, it will be in use for decentralized exchanges. And to run oracle programs that trigger smart contracts.
“They will now get to build it with cost predictability. Also, formal methods. And things that in the long run will build sustainable, secure and useful applications for users,” Hoskinson said.
Cardano’s ADA coin recently surged to become the third-largest coin ($75 billion). After BTC and ETH, respectively.
Yet, ADA has dropped by about 23% since September 2, after reaching an all-time high of nearly $3.092. This resulted from investors taking some profits following the long-awaited upgrade.
“The Cardano smart contract upgrade was an epochal moment for the ecosystem. Yet, its success lies upon adoption by developers and the number of dApps integrated with it.” Alexandra Clark, a sales trader at digital asset broker GlobalBlock, said.
“Ultimately, Cardano network promises a lot but whether it can actually deliver is yet,” she added.
According to Kraken data, ADA was the last trading around $2.388, down by 8% in the last 24 hours.