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Your email address will not be published.


FTX Launches Stock And ETF Trading Option In The United States 

A prominent cryptocurrency exchange, FTX, is getting into the stock trading business. Soon, its users will be able to trade equities and exchange-traded funds on the platform.  Only A Few Users In The United States To Enjoy The Service  The Wall Street Journal reports that the firm Sam Bankman-Fried helped establish and serve as its […]

Major Australian Bank Shelves Crypto Launch Plan

CBA’s Crypto App Plan As previously mentioned last year, Australia’s biggest bank disclosed plans to let its users carry out crypto-related transactions on its app.  It has been taking its plan to develop the project but as not stated a particular time it will finally launch the project to the public. It also has plans […]

Crypto Investors Suffer from Lingering Fears

The Situation at Hand The drastic drop and decline that befell the digital asset market last few weeks have left a mark on the users and investors of crypto, with crypto coins and other assets experiencing their lowest of lows and even stablecoins being affected, it’s no surprise that both old and new investor is […]

Cardano (ADA) Whales on Panic Selling Mode: Here’s Why

  Cardano’s price appears to hold the line following the 57% slump to $0.384. Nevertheless, the immediate obstacle at $0.677 might limit further recovery by ADA. A daily candle closing beneath $0.397 will annul the already precarious optimistic tale. Cardano sees its price staying well beyond the latest swing low that printed a possible bottom […]

European Regulators Concerned Over Terra Price Crash

The Recent Terra Drop Portrays Private Instruments as Just an Illusion Panetta in a statement noted that recent developments in the crypto industry show that believing in the usage of private instruments as money is just an illusion, since they cannot be exchanged at the same value as public funds at any time. He also […]