Cardano’s ada cryptocurrency rose to more than $ 3 on Thursday, after developers began updating to allow for the creation of “smart contracts” on the network. According to data from Coingecko,
Ada was up 9.1% at 4.25am ET to close at $ 3.04. It previously hit an all-time high of $ 3.09.
In recent weeks, digital tokens have performed well and investors are excited about the major network update codenamed Alonzo.
Ada’s jump on Wednesday night and Thursday morning coincided with Cardano developer IOHK saying that the Alonzo update has been released on the testnet. The full version is expected to be released at the end of September.
The Alonzo update will allow the creation of smart contracts on the network, potentially making the Cardano blockchain more attractive to a wider range of users. A smart contract is a piece of code that allows people to sign financial agreements without the need for a centralized party. This move may make Cardano another competitor of Ethereum, which already provides smart contracts and has aroused increasing interest from institutional investors due to its potential use in financial services.
Cardano developer IOHK said on Twitter: “The Cardano testnet now officially supports Plutus smart contracts. Final test and integration in the future. SPO will now update its core network nodes. Then the next stop … Mainnet update. September 12 is still happening as planned. keep going! “
Ada is now the third largest cryptocurrency in market capitalization after Bitcoin and Ethereum. It has increased more than 130% in the last 30 days and has increased more than 2,300% from last year.