Alonzo, Cardano’s upcoming upgrade, will be a game-changer for the smart contract platform. In general, there is a lot of skepticism surrounding the upgrade, with odds of 59 against 41 based on the Polymarket prediction market.
The Alonzo Upgrade According to Guy, a pseudonymous head of Coin Bureau, several major projects in the crypto space, including Cardano, are expected to achieve major milestones in the coming weeks.
At this stage of its development, the Cardano network has been receiving upgrades and developments. It is in the Goguen phase, which requires the addition of smart contracts to the network. After Bryon and Shelley, the roadmap is the third phase, and it is divided into Allegra, Mary, and Alonzo.
Allegra was the first to go live in December 2020. Mary, on the other hand, debuted on March 1st of this year. As a result, the Alonzo upgrade is the final one to end the Goguen era. To further break down the Alonzo upgrade, it is divided into three phases: Blue, White, and Purple. The mainnet’s final upgrade deployment was scheduled for August 2021 this month, but there have been delays because the testnet is still in development.
The Cardano community has been waiting for Alonzo, which brings smart contract functionality to the network and enables decentralized applications (dApps) on the blockchain, with bated breath.
Guy believes that the later phases of the Alonzo phase of ADA will emphasize Cardano smart contract scalability and reliability, as well as attempt to capture any issues that remain in the system after the deployment of smart contracts.
Guy cites Cardano’s large community and the fact that early investors were fully vested long ago as signs of the coin’s strength in terms of price. He also predicted that the price of ADA could reach $ to $5 by the end of 2021, assuming that Bitcoin experiences another surge in September or even November.
Despite the numerous advancements made by Cardano since its launch, such as the release of smart contracts, ADA is still in its early stages. It’s both exciting and terrifying, he says, because the success of the smart contract is so important.
Almost 72% of all ADA is Staked.
Cardano’s network is currently experiencing low utility, which is affecting ADA staking. According to data, approximately 72 percent of all ADA tokens staked approximately $30 billion, out of a total market capitalization of approximately $42 billion. It has 2,745 active pools with a total of approximately 716,000 addresses.
Traditional staking techniques used in other protocols are far less versatile than ADA staking. Stakers can access their tokens whenever they want, making it easy to stake on the network. Adding smart contracts will have a large impact on the network’s staking, and staking will drop significantly as more use cases emerge.