Cardano (ADA) has had an impressive run since 2020. Its original token has risen above two major price marks at $ 1 and $ 2. Due to the recent drop in the price of Bitcoin, investors could make one more attempt to buy ADA before a major milestone is reached.
ADA is trading at $ 1.48 with small losses on the daily chart and a correction of 22% over the past week. In the monthly overview, Cardano’s native token is still recording a gain of 22.1%.
As part of its Goguen era, Cardano provided several updates with two Hard Fork Combinator events, “Mary” and “Allegra”. Input-Output Global (IOG) has now carried out a stress test for the components of HFC “Alonzo” and the intelligent contract platform that is to be implemented with this event, Plutus.
According to the latest update from IOG, the Plutus team has been working to improve certain elements of the platform to enable “Constant Space Contracting Instances”. In this way, the intelligent contract from Plutus collects fewer redundant events and stores them on the platform.
The Marlowe team, a programming language that simplifies the process of using smart contracts on Cardano, has focused on integrating with the Plutus Application Backend (PAB). At the same time, they worked on the design of the website and the developer’s documentation.
Cardanos Alonzo on the way to deployment
One of the main reasons Cardano could have seen such a rally is because of Plutus’ expectations and its smart contracting capabilities. DeFi had a boom in the summer of 2020 and more competitors like Binance Smart Chain and Polkadot have popped up and received positive feedback from users.
Cardano could be a more decentralized, more secure and cheaper transaction. Cardano’s inventor and CEO of IOG, Charles Hoskinson, recently gave an interview for the crypto news website Cryptobriefing. Hoskinson confirmed that IOG will “soon” launch a Pioneer Testnet.
This phase will last two months. Plutus will be subject to a feature freeze at the end of June and is a final step before its implementation. According to the CEO of IOG, developers are already working on the dApps:
It will take about four to six weeks to actually do the hard fork and activate smart contracts for the mainnet. We also started the Plutus Pioneer program, in which we train over 1,000 developers who have expressed an interest in writing decentralized applications (dApps) on Cardano.
Hoskinson added that Cardano’s new ecosystem will have dApps with various use cases such as NFT marketplaces, decentralized exchanges, credit and credit platforms, oracles, stablecoins, and others. The platform will facilitate tools for migrating projects from Ethereum to Cardano (ADA). On this subject, Hoskinson said:
We enter into agreements with two dozen different dApps or platforms. That will happen in the next 180 days. It’s a little difficult to start this conversation (…). Usually the conversation is not an explicit migration from Ethereum to Cardano. Instead, we have seen across the industry that projects want to be multi-chain.
With bitcoin dominating a downtrend after falling below 40% and altcoins showing negative performance, investors could seize the moment to “buy the dip”. The crash occurred before the full implementation of Plutus with “Alonzo” was driving new users to the platform.