The long-awaited Cardano Alonzo update is finally here. 🙌 The update added smart contract support, putting it on the war to compete with Ethereum, Solana, and other big blockchains.
However, the upgrade couldn’t help $ADA.X‘s price, which fell 10% today. And not everyone is cheering about the latest update…
Some critics say that the Cardano blockchain isn’t on par with smart contract platforms like Ethereum. Minswap, a Cardano dApp with aspirations to become Cardano’s first DeFi app, shut down temporarily after its launch due to an inability to process multiple transactions. However, Charles Hoskinson (Cardano’s founder) denied any issues with Cardano and tweeted that there is “there is nothing to fix.” 🤔
Leading up to the upgrade, $ADA.X skyrocketed, hitting an all-time high of $3.09. Post-upgrade, the token’s price plummeted. Ultimately, the near-term correction in the price might reflect investors “selling the news.” But the addition of smart contracts is a big W and a necessary one to maintain Cardano’s place as the third-largest crypto. 🏆