Cardano completed a hard fork that will bring huge opportunities for the growth of its ecosystem.
Although still early in development, the upgrade will help the Cardano ecosystem grow and flourish as a fully decentralized finance (DeFi) system.The fork, dubbed Alonzo, went live on September 12 and allows for the launch of decentralized finance projects and applications with the smart contract updates.
Cardano has long aimed at rivaling Ethereum—creator Charles Hoskinson also helped found Ethereum—and the Alonzo fork takes a stab at Ethereum’s DeFi domination.
“We worked for a very long time. Some of the members of this team have been working for over four years. We did our work. [We did] our homework. We did hundreds of presentations, dozens of papers,” Hoskinson said in a live stream on September 10th. “So much code was written, and a lot of very careful thought went into building a very novel model that’s ubiquitously beneficial, if anything, as an experiment for the industry [that] we feel is the best industrial model.”
Cardano is one of the top cryptocurrencies by market capitalization. The project is no small cookie and has long been touted for having a solid development team. However, success and respect will lie in how smoothly the team can carry out the launch. Truth be told, there is undoubtedly enough liquidity on the chain to get some projects on their feet.
Some words have been even harsher. Others have questioned why mostly projects related to Cardano developers have been successfully integrated. These are critical questions for the survival of the interest in the platform.
There is some optimism come from Cardano. The project will have its Cardano on September 25-26, which will coincide with the Plutus application backend launch. The upcoming feature will offer users of all skill levels access to a suite of components to help build on the network.
“[After the Alonzo upgrade], the latest and greatest version of the Plutus application backend will be released and we’ll have the [Cardano 2021] summit. And there will be a huge spotlight on the ecosystem as a whole. That will be a great event,” Hoskinson proclaimed.
The token of Cardano, ADA, also did not see any positive movement after the launch. Earlier in September, the token reached its all-time high following news of the testnet and mainnet launch. However, the now completed upgrade has done little to boost the token price.
The token is currently trading at $2.41, which is down from its 7-day high of $2.87, according to CoinMarketCap. Hopefully, the Plutus upgrade later this month will help alleviate some early issues in the launch.
It is still early for full diagnosis to the Alonzo fork. It took the Ethereum London Fork almost a full month before it saw its first full deflationary day. Cardano has the potential to make a move, but so far, things have been slow.
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Source : bsc.news
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