Blockchain

Cardano launches smart contracts after successful hard fork

Cardano has completed its Alonzo hard fork to introduce Plutus-powered smart contract scripts.

On Aug. 12, Cardano tweeted that the upgrade had been completed successfully at epoch 290, facilitating the creation and execution of smart contracts on the public blockchain for the first time.

Despite celebrating the milestone, Cardano notes that it is still “early days for the project,” asserting that now is when “the mission truly begins” in a blog post published on the same day:

Cardano has announced the completion of its Alonzo hard fork, ushering in its long-awaited smart contract functionality.

Cardano has since sought to address the criticism, asserting that DApps built on the protocol “are not limited to one transaction per block.”

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Related: Altcoin Roundup: High Ethereum fees kick-start a liquidity migration to layer-1 platforms

Despite its detractors, the hype for Candano’s upgrades recently drove its native token ADA into record highs, with ADA rallying 192% from a local low of $1.06 in late July to tag $3.10 on Sept. 3 according to CoinGecko. ADA is also up more than 1,600% since the start of 2021.

However, ADA has since dipped and spent the past week oscillating between roughly $2.30 and $2.80, suggesting many speculators may have bought the rumor and sold the news.

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