After Ethereum’s upgrade last week, Cardano ($ADA.X) is gearing up for its own big upgrade. 📈 The blockchain will finally get smart contract support. Cardano went up by 16% on the news.
The cryptocurrency’s developer announced its much-anticipated upgrade, “Alonzo Purple,” which will be released on September 12.
$ADA.X climbed to a two-month high of $2.03, according to Coinmarketcap.com. But the coin is still down 22.7% from its May all-time high of $2.394.
In a video, Nigel Hemsley (head of delivery at Cardano) shared the upgrade details. The upgrade allows engineers to run advanced smart contracts and decentralized finance (DeFi) applications on the Cardano blockchain, which could help Cardano match the Ethereum network’s capabilities.
$ADA.X is currently the fifth-largest cryptocurrency by market cap and the second-largest network operating on a PoS protocol by the same measure. $ADA.X‘s is presently nurturing partnerships with 140 exchanges and over 300 pioneers in the community.
Investors are betting the next update will place Cardano over the edge compared to Ethereum. 🚀 🚀