Alonzo White has been hardforked on the Cardano network. Thus, the platform is one step closer to deploying the functionality of smart contracts.
As Crypto-Auditor found out, the Cardano’s developer, Input Output Hong Kong (IOHK), has confirmed that the Alonzo fork was a success. In a series of tweets posted on July 15, IOHK writes that the new network is already creating blocks.
The Alonzo fork is a milestone on Cardano’s roadmap. This update kicks off the platform’s transition to smart contracts. This functionality will be fully launched in August. It will enable decentralized finance (DeFi) applications to be deployed on the Cardano network.
Many experts believe this will increase the practicality of the project, and the ADA rate will skyrocket after release, which will be the culmination of many years of development. This fork is part of the Goguen phase, which is directly dedicated to the implementation of smart contracts functionality.
ProjectCatalyst members and other Plutus partners will join the network. Several hundred people worked on Alonzo White. ProjectCatalyst has also funded various DeFi applications for the web.
IOHK CEO and co-founder Charles Hoskinson also commented on the Alonzo fork in a YouTube video. He talked about the work of the Alonzo testnet and gave some general comments about the development of the project.
The last 12 months have been successful for the project’s native token. In addition to smart contracts, the project plans to add several more important functions. Scaling and management are next, although they may take more time to implement.
The Cardano project is popular in the cryptocurrency community, and ADA has a chance to become a growth leader during a bull market. It was recently revealed that ADA has become the most popular token on the eToro platform, overtaking Bitcoin. Experts believe the launch of Alonzo is one of the catalysts for growth.
Grayscale Investments has also added the ADA token to its large cap coin fund. It now ranks third in the Grayscale portfolio, behind only Bitcoin and Ether.
User activity also increased: in June 2021, more than 650,000 staking addresses were registered. Now more than 70% of all coins in circulation are staked. Their estimated cost is $ 29 billion.