The long-awaited update, which Cardano founder Charles Hoskinson said, “We are entering a new era in Cardano” has finally come true. With the Alonzo hard fork at 00:47 Turkey time today, the Cardano blockchain can now support smart contracts. Thus, it will be possible to run decentralized exchanges, namely DEXs and decentralized applications (dApps) on the Cardano platform. The update also opens the door to multiple use cases in the decentralized finance (DeFi) space. Therefore, the growth momentum of the Cardano ecosystem is expected to accelerate after this update.
“There may be some problems in the first stage” warning
Tim Harrison, Marketing and Communications Director of Cardano’s developer company IOHK, states that this is just the beginning. Harrison states that the user experiences may not be ‘perfect’ in applications on the Cardano network in the early stages, and some problems may be encountered in dApps in the early stages. He also highlights that it took more than two years for Ethereum’s first dApp to start using it with interest from users.
Harrison also warns that much more ‘FUD’ could be faced next week, adding: “Things will probably get uglier before they get better.” says.
Next up is ‘Cardano Summit’
After the Alonzo update in Cardano, Cardano Summit will take place on September 25-26. It is stated that the event, which consists of more than 100 sessions, will be the most important event in Cardano’s history.
Cardano received a lot of criticism ahead of the Alonzo update. It remains to be seen whether Cardano can withstand these criticisms in the coming days. At the time of writing, ADA is priced at $2.57 and has a market cap of $82 billion.
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