ADA Surpassed $3 Following Smart Contracts Test Net Launch

by in Blockchain News

Cardano blockchain ADA

Tech company that built the Cardano blockchain, Input Output (IOHK) informed followers about the successful release of the Plutus platform’s smart contract capability on testnet. This is an essential part of the Alonzo mainnet upgrade, which will occur on September 12.

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On September 2, after the deployment of Plutus, the native token of the blockchain, ADA reached a new high of $3.06.

Plutus enables smart contract developers to write programs on Cardano.

Thus Cardano will support creating various decentralized apps on top of it.

ADA is the 3rd largest crypto asset with over a $96 B market cap. The amount of locked ADA tokens on Cardano's staking contract is around $70 B. That equals 70% of the total token supply. When Alonzo is launched, the staked tokens may go to other projects built on the protocol.

Cardano’s roadmap consists of 5 eras. With the Alonzo launch, the second phase of Cardano’s development, Gougen, focused on smart contract development begins.

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Then will come the phase Basho focused on scaling and cross-platform functions. The final stage Voltaire will upgrade voting and treasury aspects. Recently the Cardano Foundation announced a 5 years development plan. The network plans to expand its partnerships with banks and introduce blockchain libraries.