Cardano sets the new high in the introduction of smart contracts testnets

The central theses

• Cardano provided Smart Contract functionality on Testnet Thursday.
• ADA has risen to an all-time high of over $ 3, so that Cardano's market capitalization is now $ 97 billion.
• The highly awaited Alonzo-hardfork is provided on September 12th.

In a Twitter announcement (NYSE :) On Thursday, Input Output, the development company behind Cardano, revealed the provision of Plutus smart-Contract in the testnet.

cardano ada breaks $ 3

Cardanos Natural token Ada has recovered by more than 70 % since August 13, when the team announced the final start date of the highly expected Alonzo hardforks.

Input Output, the company developing Cardano, announced today that it provided the Plutus Smart Contract function in the protocol test network. The update enables developers to create decentralized applications in a test environment before the official start-up start of smart contracts takes place on the protocol. Alonzo is currently going live on September 12th.

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With today's testnet start and the upcoming Mainnet start, Ada broke for the first time $ 3, which amounts to the market capitalization of the third largest cryptocurrency in the room to around $ 97 billion.

The final introduction of smart contracts on Cardano could open the locks for the development of defi and NFT projects in the ecosystem. The proof-of-stake blockchain is Ethereum-compatible, which means that decentralized applications could port your smart contracts with very minimal changes to Cardano.

In addition, Ada tokens worth around $ 70 billion are currently blocked in Cardano's staking contract, which corresponds to about 70 % of the total token offer. As soon as Alonzo has been introduced, a large part of this money could flow into tokens of other projects that are based on the protocol, which could possibly lead to a booming ecosystem.

The blockchain expert and Chief Investment Officer from Arcane Assets, Eric Wall, argues that the introduction of Cardano's smart contracts could prove to be disappointing for users. In a tweet on Thursday, he wrote that it would be "disappointing" ... in relation to the kind of things you can build with it.

While Cardano markets itself as a blockchain of the next generation and the first protocol based on assessed research, many other blockchain projects such as, and already achieved greater ecosystem growth in shorter time. The three Layer 1 blockchains are already smart contract-capable, Avalanche and Fantom are compatible with Ethereum (while developments by Neon Labs and Wormhole Solana interoperable with the Ethereum Virtual Machine), and they process all transactions faster than cardano. Theoretically, the peer review chain can process up to 250 transactions per second, while Avalanche can do 4,500 and Solana up to 50,000 transactions.