On Friday, the price of the token Cardano soared above the $2 mark, approaching the crypto asset’s three-month-old all-time high. ADA’s price increase was triggered by a video statement by Cardano’s Nigel Hemsley, who stated that the Cardano network would be upgraded on September 12, 2021. The much-anticipated “Alonzo Purple” patch seeks to provide fully functional, advanced smart contract solutions to the Cardano project.

ADA’s Alonzo Upgrade Scheduled for September 12

ADA is planning to upgrade its network in the near future, according to IOHK’s Nigel Hemsley, with the project aiming to launch the upgrade on September 12. In a tweet, Input-Output (IOHK) also stated that the upgrade will take place on the same date as stated in the video. The name “Alonzo” is derived from Alonzo Church, a mathematician and computer scientist. The Alonzo implementation has been gradually improved through color-coded stages, with the final stage being purple.

“It’s happening,” IOHK said. “We’re targeting 12 September 2021 for the ‘Alonzo’ upgrade, bringing smart contracts to Cardano via a hard fork combinator (HFC) event. Find out more about the journey to a new era of smart contracts, defi, and more for Cardano (ADA).” Cardano’s Alonzo Upgrade Date Has Been Revealed – ADA’s Price Has Gained Over 16% Since Announcement. The Cardano community believes that Alonzo will usher in advanced smart contract solutions and decentralized finance (defi) protocols.

While smart contracts and defi will be the most prominent features of Alonzo, the upgrade aims to strengthen concepts such as tokenization and non-fungible token ideas. Furthermore, it has been stated that ERC20 tokens derived from Ethereum will be able to be used on the Cardano blockchain.

Cardano has been chastised for a long time because the community was promised fully functional, advanced smart contracts, and other features. Skeptics have even wagered that the Cardano network will not support smart contracts by October 1, 2021. The Poly Market bet previously indicated that the odds were stacked against the project, but now 87 percent believe Cardano will succeed and only 13 percent believe it will fail.

Cardano has increased by 45% this week and by 1,365% against the US dollar in the last 12 months

Rumors of something special happening on August 13 have been circulating in the Cardano community for the past week. Cardano (ADA) gained more than 16% on Friday, and the crypto asset has gained more than 45% in the last seven days. According to one-month statistics, ADA is up 61%, and year-to-date, ADA is up 1,365%.

Cardano's Alonzo Upgrade Date Revealed — ADA Gains Over 16% After Announcement

At the time of writing, ADA’s largest trading pair is with tether (USDT), which accounts for 57% of Cardano trades on Friday. Bitcoin (BTC) accounts for approximately 11.4 percent of ADA swaps, followed by USD (8.48%), BUSD (5.27%), KRW (4.86 percent), and EUR (4.86 percent) (3.91% ). Today, Ethereum (ETH) accounts for approximately 3.48% of the swaps traded with ADA. Cardano’s Alonzo Upgrade Date Has Been Revealed – ADA’s Price Has Gained Over 16% Since Announcement

Cardano has a market cap of around $65.7 billion, giving it a 3.31% share of the $1.9 trillion worth of crypto assets.

Source: Bitcoin.com

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