Cardano Set to Rollout Smart Contract Functionality on Sunday
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The highly-anticipated Cardano Smart Contract functionality could go live on the mainnet on Sunday. IOHK confirmed the upcoming release via Twitter, noting that the Alonzo hard fork kicks off the “start of an exciting new phase in our development as a #smartcontracts network.”
Currently, two Cardano Smart Contracts operate on the testnet, including MinSwap and SundaeSwap. That said, the launch of the Alonzo hard fork would bring Smart Contact functionality to the mainnet, which would make Cardano DeFi a reality. IOHK tweeted that:
“We’re on our way. Remember, this may be the end of one long journey. But it’s the start of an exciting new phase in our development as a smart contracts network.”
Meanwhile, MinSwap—the first decentralized exchange (DEX) to operate on the Cardano mainnet, reportedly encountered a concurrency issue, which limited protocol use to only one user at a time. This sparked criticism from the community about Cardano’s Smart Contact capacity.
However, the IOHK addressed the concerns, noting that the network operated on a novel ledger that ran on a different operational mechanism, unlike other blockchains like Ethereum. IOHK added that solutions to the problem had emerged, while some protocols on the testnet could bypass the concurrency problem, including SundaeSwap.
Key Cardano Levels to Watch — September 8
Following its long fight to reclaim the $3 mark, the hopes of bulls has gotten dashed due to the recent flash crash sustained by the entire crypto market. The market crash caused ADA to plunge to the $1.9500 level, a whopping 30% decline.
Shortly after, the price pushed back above the critical $2.4705 level and towards the $2.6000 mark. However, bears took the initiative and drove the price lower to the $2.2000 area, where it currently trades. The third-largest cryptocurrency needs to reclaim the $2.405 level in the coming hours or risk a bearish continuation below $2.
Meanwhile, our resistance levels are $2.4705, $2.6000, and $2.8000, and our support levels are $2.3000, $2.2000, and $2.1000.
Total Market Capitalization: $2.07 trillion
Cardano Market Capitalization: $76.4 billion
Cardano Dominance: 2.69%
Market Rank: #3
