Cardano blockchain Successfully Deploys Alonzo White Upgrade on the Network

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.

Leave a Reply

Your email address will not be published.


GBP to USD Prediction – Bulls Target $1.2450 Amid Weak U.S Jobs Report

It is somewhat of a GBP-USD day. The market does not have the United Kingdom’s economy to ponder today. Meanwhile, the attention has remained on the Federal Reserve following GBP-USD’s Thursday $1.23 return. The currency has never explored the value since June. Though hawkish bets place the sterling at the $1.25 mark into 2023, massive […]

Britain’s Chancellor Defers Tough Decisions to The Next Administration

The new British government is characterized by its severance to caution when it comes to its economic administration and its readiness to devote itself to performing just causes, regardless of the financial toll on the political sector.  As its precursor, Liz Truss, in September, decided to divide Britain’s economic organization, and the event exposed enormous […]

Genesis Halts Withdrawals Amid a Collapse of The Digital Currency Market

Genesis Global Capital has stopped processing withdrawals, confirming this week’s rumors. This is the most current lending program to file for bankruptcy. In 2022, Celsius Network, Voyager Digital, and other companies did so. At the moment, Derar Islim is Genesis’ acting CEO. Islim told Investors that the firm is looking at its options and seeking […]

Nayib Bukele Pledges To Buy 1 BTC Daily for El Salvador

The President of Els Salvador has pledged to start buying at least 1 BTC daily. This news emerged months after El Salvador is said to have completed its final BTC acquisition, 80 BTC at quite a cost of $19k each, in July this year. Previous Buy History of El Salvador  As per information from Buy BTC […]

Indonesia’s Central Bank Raises Rates By 50 Bps

In light of a robust economy and “high” inflation expectations, the Bank of Indonesia said on Thursday that it would act more firmly. As a result, the bank has increased the benchmark interest rate for the third consecutive month. A Global Economic Slowdown Bank of Indonesia was expected to increase the 7-day reverse repo rate […]