Cardano ($ADA) is nearing the much-awaited Alonzo upgrade scheduled to take place on September 12. The final public testnet before the upgrade is scheduled to be deployed by September 1 and a Dev meeting on Friday approved the launch. Charles Hoskinson, the chief of Cardano offered an update through his Twitter handle claiming everything is green and good to go.
Brief Update on Alonzo https://t.co/7Ngqdsqp3R
— Charles Hoskinson (@IOHK_Charles) August 27, 2021
Hoskinson explained that, unlike the Alonzo Purple, the upcoming testnet would be public that can be used by crypto exchanges before the final smart contract deployment. The Alonzo upgrade would integrate smart contract support in the Cardano ecosystem, allowing it to compete against the likes of Ethereum and Polkadot. Although the blockchain has faced a lot of criticism for adding something which Ethereum has for years, Hoskinson believes it’s not about who came first and rather how useful the upgrade would be.
The Input-output Twitter handle also updated about the final upgrade proposal that would split the Alonzo era chain.
??? Today, we have just submitted an upgrade proposal to the #Cardano testnet to hardfork the chain into the #Alonzo era and enable smart contract capability. This will take effect within the next few hours. 1/5@CardanoStiftung @Cardano
— Input Output (@InputOutputHK) August 27, 2021
Cardano ($ADA) Eyes $3 ATH Before September 12 Launch
$ADA price is currently trading at $2.84 with a 3% rise over the last 24-hours after retracing from its new ATH of $2.97. The altcoin has more than doubled its price since the start of the month. The altcoin has maintained a great price dominance since September 12 launch date was announced and now has its eyes set on $3 before the final upgrade.
The market sentiment is highly bullish around the altcoin as it managed to rise to the third spot in the crypto rankings. The social sentiment data for the altcoin remains bullish as social media mentions for Cardano were at 8%. Although it has declined from last week and high of 25%, it is still considerably bullish looking at the crypto market.
?? #Cardano is back to its pumping ways on a #bullish Friday. Social dominance is a great leading indicator for $ADA, & the percentage of discussions is at a modest 8% compared to a peak of 25% last week. It can run higher until the crowd euphoria returns. https://t.co/UiCSWHrfa7 pic.twitter.com/JVC10b5DTR
— Santiment (@santimentfeed) August 27, 2021
The smart contract upgrade on Cardano is being called one of the most significant upgrades and the bullish euphoria around it has been fueling its price and is expected to drive it further after the upgrade as well.
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