InputOutputHK, the company behind Cardano, released an update report early in the morning of September 13th stating that the Alonzo upgrade was successfully deployed.
A blog post celebrating the event on September 12th said, “The Alonzo upgrade is an epochal moment in the birth of a new ecosystem.”
The upgrade introduces the smart contract functionality through the Plutus language on the Cardano blockchain. IOHK stated that this was only the beginning of his efforts.
“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 Needs More Innovative Project
While this is a great accomplishment for the network, it still operates mostly in the shadow of Ethereum; despite the high cost of use, Ethereum is the industry standard for smart contracts and dApps.
Cardano aims to become a strong player in the decentralized finance space through technological upgrades. “By allowing Plutus scripts to be written and executed on-chain, we’ll have the backbone for a new decentralized application platform, enabling numerous dApp and decentralized finance (DeFi) use cases,” it says.
It added that 150 projects from Cardano’s Project Catalyst innovation program are developing concepts and approximately 800 projects have applied for $4 million in funding.
There’s a caveat, though, as Cardano warned that early problems and malfunctioning dApps are still largely experimental. It added, “Inevitably too, we can expect bad actors looking to take advantage via hacks, exploits, and the likes.”
Last month, Weiss Crypto made some harsh comments about Cardano’s compliance, which allegedly could lead to a more centralized network.
ADA Dumped 13%
The accumulation of this introduction gave ADA a huge boost, pushing the token to third place by its market cap, hitting a record high of just over $3 earlier this month.
Now that Alonzo is online, FOMO has been weakened and ADA has been hit hard in the last few days or so. According to data from CoinGecko, ADA fell 13% from $2.77 to $2.40 from Sunday high at the time of writing.
The token holders despised the price development, but it is expected that there will be a recall after such a large-scale bull market. ADA is currently 21% below its all-time high, which is much better than most other high-quality crypto assets.