Cardano (ADA) prices increased by more than 17%, reaching an intraday high of $2.78. The currency’s price is being pushed up by growing excitement about the upcoming Alonzo update, which will bring smart contracts to the network.
Cardano NFTs are on the verge of exploding!
The smart contract went live on Alonzo Purple on September 1st, allowing new Dapps and NFT minting on the testnet prior to the mainnet launch. While many skeptics remain skeptical of smart contract support, the Cardano network has completed critical upgrades on time.
Cardano NFTs (CNFT) are already catching up to Ethereum NFTs in terms of transfer volume, according to a new statistic. While Ethereum remains the most popular blockchain for many NFT projects, its scalability issues and high gas fees have allowed many other “Ethereum killers,” such as Solana, to emerge.
Cardano would gain a market share if the smart contract is deployed on the mainnet tomorrow.
Hoskinson slams skeptics
Despite the network’s success, skeptics continue to bet against it. To describe the condition, founder Charles Hoskinson coined the term “Cardano Derangement Syndrome” (CDS). Hoskinson chastised a Coindesk writer for claiming that minting NFTs on Cardano would be difficult.
In an interview, Hoskinson also stated, “One of the great superpowers of cardano is that it was designed with upgradability in mind.”
Cardano’s major “alonzo” upgrade will be released on Sunday, allowing the network to host a variety of crypto apps. As founder Charles Hoskinson describes it, it aspires to give the blockchain “programmability.”