Cardano (ADA) Remains A Favorite Among Retail & Institutions Alike with Alonzo Upgrade “On Schedule”

The upgrade is a major milestone for Cardano, which is in its “final, critical stage” that will “usher in a transformative era of smart contracts capability.” Ahead of the big day, ADA is trading near its ATH, targeting $3, as Cardano investment product saw the largest on record inflow.


Finally, after years of development, Cardano is all set to have smart contracts.

Talking about the much anticipated Alonzo upgrade in a recent vlog post, Cardano founder, who also co-founded Ethereum, Charles Hoskinson, said, “Everything’s green and go, we’re on schedule.”

The Alonzo hard fork is a major upgrade for the third-largest network with its full capabilities, including the implementation of smart contract functionality. This functionality will allow anyone to deploy their own smart contracts on the blockchain, paving the way for Cardano-native decentralized applications.

Alonzo’s activation will also mean the end of the Shelley era of Cardano and marking the beginning of the Goguen phase.

In its monthly update, IOHK shared that Cardano testnet is primed for release “for the first of September,” though “this is not without risk” as there could be “a severe unexpected issue which might push it out but with all known things that we know right now we remain on track,” it added.

This major milestone for Cardano is basically in its “final, critical stage” that will “usher in a transformative era of smart contracts capability.”

During the surprise Ask Me Anything (AMA) on Monday, Hoskinson also explained that 25 stakeholders went through a checklist of things, and everything “kept coming up green.” As such, the team is now ready to pick the mainnet candidate to begin the process of gradual upgrade.

“We’re going to initiate an HFC (hard fork combinator) event on the Testnet,” said Hoskinson. “Testnet will be in the Alonzo stage.”

Ahead of this upgrade, ADA is rallying. Just a week back, ADA hit a new peak at $2.95 and is currently trading at $2.80, making it worth an $89.9 bln cryptocurrency.

While retail has been piling into ADA for some time now, institutions have also taken a liking to it.

According to Coin Shares’ report, last week, Bitcoin had outflows for the 8th consecutive week totaling $3.8 mln while Cardano saw inflows totaling $10.1 million, the largest on record that brings its market share to 0.15%.

Meanwhile, the leading network with smart contracts functionality Ethereum (ETH) represents 32% of total digital asset AUM, seeing $17 mln in inflows last week.

Other competitors Polkadot (DOT) and Solana (SOL), also recorded $1.5 mln and $2.7 mln in inflows. On Monday, Hoskinson praised Solana, which continues to rally to new peaks, on its success, tweeting, “Solana you guys seem to be making waves. Congratulations. Where can I learn more?”

DOT 3.02% Polkadot / USD DOTUSD $ 25.02
$0.763.02%
Volume 673.43 m Change $0.76 Open $25.02 Circulating 987.58 m Market Cap 24.71 b
4 w Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 1 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 1 mon Solana Unaffected by Price Jitters while Bitcoin, Ether, Polkadot, and Cardano Post Outflows
SOL 2.42% Solana / USD SOLUSD $ 140.13
$3.392.42%
Volume 739.87 m Change $3.39 Open $140.13 Circulating 314.47 m Market Cap 44.07 b
2 w Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 3 w Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum 4 w Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows
ETH 2.01% Ethereum / USD ETHUSD $ 3,188.65
$64.092.01%
Volume 8.92 b Change $64.09 Open $3,188.65 Circulating 119.24 m Market Cap 380.21 b
2 w Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 2 w A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 3 w The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022

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