Cardano Breaks 100 Smart Contracts Milestone, Here’s Why it Could Boost $ADA Price

Cardano successfully integrated smart contract support on the mainnet with Alonzo hardfork on September 12. The blockchain has reached 100 smart contract milestones within 24-hours of the Alonzo upgrade. Charles Hoskinson, the founder of the Cardano blockchain called it six years of hard work turning into a success. He said,

“This upgrade is the culmination of six years of hard work with some of the brightest minds in blockchain and beyond. The focus is now on improving the platform further and ensuring that Cardano is adopted by corporations and governments. With this launch, commercialization is as much in the hands of the community as it is the system architects, and they are already delivering – in less than 24 hours, over 100 smart contracts have already been run.”

The smart contract integration is proclaimed to be the biggest upgrade on the third-largest blockchain network pitting it against the likes of market leaders Ethereum and Polkadot. The blockchain could now host Dapps, Defi protocols, and even mint NFTs. What made the success of the Alonzo hardfork even sweeter for Cardano folks is the amount of criticism and flak it has received over the years for not having the smart contract functionality.

You know it's pretty easy to win when you're being underestimated and ignored. It's actually the greatest gift we could get. Stay hungry everyone https://t.co/2l7cbTxSLQ
— Charles Hoskinson (@IOHK_Charles) September 15, 2021

Many people even bet against Cardano claiming it won’t be able to integrate smart contract support on time. The likes of PolymarketQ and Polygon co-founder Sandeep Nailwal lost the bet and now Hoskinson wants them to put their money where their mouth was.

Looks like we got another donation coming https://t.co/Km6gsL8S6i
— Charles Hoskinson (@IOHK_Charles) September 14, 2021

Cardano ($ADA) Price Could See a Recovery

$ADA price saw a phenomenal run in the run-up to the upgrade reaching a new all-time high of $3.10 before the final upgrade. However, the price dipped post-Tuesday market crash that coincided with the Alonzo upgrade. $ADA is currently trading at the $2.40 mark, but technical indicate it might burst into another bullish rally as the crypto market recovered from the recent flash crash.

The latest upgrade would not only make the Cardano network more secure and decentralized, but it would also make it one of the more scalable products available in the market with enhanced security features.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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