Cardano Nears All-Time High as Investors Await Smart Contracts

The Cardano (ADA) price hit an all-time high of $2.55 Thursday, as investors await a September release for the planned ‘Alonzo’ upgrade – a move that would usher in smart-contract functionality .

Cardano Nears All-Time High as Investors Await Smart Contracts

Thus address what critics have described as one of the network’s most glaring deficiencies.As of the time of writing, ADA has been trading at $2.50, up more than 20% during the past 24 hours.

Cardano developer Input Output recently announced a timeline for the “Alonzo” upgrade, targeting Sept. 12 for the final release date.

Smart-contract functionality would allow Cardano to incorporate more applications including so-called decentralized finance (DeFi) platforms that allow for automated cryptocurrency lending and trading.

This improvement could put the network in a better position to give tough competition to Ethereum, currently the leader in DeFi among blockchains with smart-contract functionality.

In a prediction market started in July that allows participants to bet on whether Cardano can release smart contract functionality by Oct. 1, the betting contract was trading at 79 cents as of press time.

It is up from 30 cents on July 18 when the market was first launched but down from it's all-time high of 85 cents on Aug 12 and Aug 15. The betting contract pays out $1 of the stablecoin USDC if Cardano succeeds in meeting the timeline.

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