The Input-Output global recently announced that Cardano has successfully implemented a new hard fork on the network. At present, Cardano is undergoing a multi-tiered evolution phase. The different upgrades to be deployed on the network are called Alonzo, and they are divided into three stages blue, white, and purple. As per the new declaration posted on the Twitter timeline of IOG, Alonzo white was bifurcated on the blockchain.

The tweet reads that at 19:44 UTC, Alonzo testnet forked successfully with the Alonzo white node. It also mentioned that the updated network has started to generate new blocks successfully. As per IOG, the new intake will pave the way for the smart contracts functionality on Cardano. The comprehensive deployment of Alonzo is expected to be finalized by August.

Alonzo Testnet will Allow Cardano to Host Decentralized Finance Applications on the Network

The self-proclaimed third-generation blockchain project Cardano has lined up several upgrades for the current year. Alonzo is considered to be one of the most important upgrades for the ecosystem. It will not only create a base for smart chain capability, but it will also enable the network to host DApps or Decentralized Finance (DeFi) applications.

The Alonzo hard fork falls under the category of the Goguen phase. Many crypto proponents claim that ADA utility and popularity will increase after the completion of the phase. As more phases will be deployed on the blockchain, more users, features, and functionalities can be unlocked. Recently, Plutus partners and members of ProjectCatalysts have shown a willingness to join the network.

At present, Cardano native token ADA is trading for $1.22 with a -4.37% correction in the last 24 hours. However, in the last 12 months, ADA price has improved. The main reason behind the appreciation of ADA is that several great projects are present in the pipeline relating to scaling and governance. Financial giant Grayscale has also decided to establish a new crypto trust with Cardano coin.

On the other hand, the number of active staking addresses on the network has exceeded 650K. The amount of staked crypto reserves on the blockchain is valued at $29 billion, making up for 70% of the total ADA supply. ADA also recently became the most frequently traded cryptocurrency on exchange platform eToro.