You’re probably counting down the minutes as Sunday approaches if you’re a Cardano (CCC:ADA-USD) bull.
Given how enormous the network’s imminent Alonzo hard fork will be, it will be one of the most significant days in its existence. Fans of the Cardano cryptocurrency are anticipating the big day with bated breath. Investors are clutching their wallets tighter now that official outlets have confirmed the date.
Early last month, excitement for the Alonzo Purple update began to rise. A series of network improvements will culminate in the hard fork. The fork will add smart contracts to the Cardano network, which is a big deal. Smart contracts are, of course, one of the most popular technologies for any budding crypto project; they enable speedier transactions by automating trade brokerage when certain circumstances are satisfied. This reduces the amount of energy required to complete Cardano transactions.
Additionally, they provide Cardano the chance to capitalize on one of the most popular blockchain trends: non-fungible tokens (NFTs). Everyone from retail investors to celebrities and art collectors are attempting to get their hands on their own unique tokens in the NFT arena. This is a multibillion-dollar business.
Minting with Cardano
Cardano can mint its own NFTs thanks to its smart contract features. This brings some market share from the trend to the network. Cardano will also be able to keep up with the industry better than other networks. Other networks that do not currently support smart contracts as NFTs change and evolve.
The Alonzo hard fork has been anticipated for a long time, but now it’s really here. The fork will take place on Sunday, September 12th, according to Cardano founder Charles Hoskinson’s crypto research organization, Input Output.
With the hard fork approaching, speculators anticipate the token to break beyond its all-time high of $3.10, which it hit only a week ago. As a result of the market-wide crypto flash crash earlier this week, the currency dropped to a seven-day low of $2.16. As the weekend approaches, it is gradually regaining value. The ADA currency is now trading at a premium of about 6%.