Cardano’s mainnet now includes Plutus smart contract functionality.
Cardano’s network has been forked in order to launch Plutus smart contracts.
Plutus Smart Contracts are being used by Cardano.
Cardano has entered a new development phase following the launch of Alonzo on the mainnet.
The hardfork occurred on Sunday at 21:44 UTC at Epoch 290, ushering in a brand new network.
Alonzo witnessed Input Output, Cardano’s core development team, integrate Plutus scripting for smart contract programmability.
Input Output has been continuously testing Alonzo in preparation for the hardfork over the last few months. According to an Outlier Ventures report, Cardano has been the leader in terms of monthly commits over the last year.
Cardano’s Alonzo upgrade puts it on track to enable a slew of new use cases, including DeFi. However, due to scaling concerns, it is likely that it will be some time before the network hosts a thriving ecosystem of dApps.
When testing smart contracts last week, the Cardano-based decentralized exchange Minswap encountered issues due to the network’s concurrency issues. Cardano’s method of settling transactions, known as Extended Unspent Transaction Output, has been blamed for concurrency issues (EUTXO).
SundaeSwap, Maladex, and OccamFi teams have already begun working on scaling solutions to achieve adequate concurrency for their dApps. It is hoped that once those solutions are implemented, the network will support a thriving DeFi ecosystem. In the coming months, decentralized exchanges, launchpads, and NFT marketplaces are expected to go live.
Cardano’s ADA token, like many other Layer 1 blockchain tokens, has risen in value in recent weeks. It is currently trading at $2.37, giving Cardano a market capitalization of $75.8 billion.