Cardano (ADA) is bustling ahead of the Alonzo update scheduled for tomorrow. Cryptocurrency, from $2.30 levels It touched $2.80, up 22 percent.
The price increase seen is due to the expectations created by the Alonzo update, which will bring smart contract functionality to the network. The update in question is aimed to be done at 21:45 tomorrow according to the UTC time zone.
ADA set a record level of $3.10 last week. With the effect of the general decline in the market, especially Bitcoin, ADA decreased to $ 2 on Tuesday.
Hoskinson attributed the decline to the general condition of the market
On the other hand, while approaching Alonzo, it has been suggested that there is a concurrency issue on Cardano’s Purple testnet. It has been written that there are some inconsistencies regarding synchronization or concurrency on Miniswap exchange on Cardano. It was argued that this had a great effect on the recent decline in ADA. Cardano founder Charles Hoskinson stated that the decline is not related to this, but rather the general decline in the cryptocurrency market. “Everything in the market has gone down in price,” Hoskinson said. There was no case where the others were on the rise and the ADA was on the decline.” said.
Added over 200k staking addresses in three months
As ADA enters the top 3 among the most valuable cryptocurrencies, the Cardano ecosystem is also growing. According to the data of Pooltool, the number of wallets performing ADA staking has reached 824,000 as of September 11, 2021. This figure reached 608 thousand in June and started staking over 200 thousand addresses in a three-month period. The stake is valued at $63 billion, accounting for 71 percent of the total supply.
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