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Cryptocurrency exchanges are getting ready for Cardano upgrade, price formation proves itself

Six major cryptocurrency exchanges are partnering with the Cardano Foundation to integrate the highly anticipated smart contract upgrade, according to Input Output Hong Kong (IOHK), Cardano’s development team.

The number of exchanges is expected to increase rapidly this week as Cardano gets closer to launching the Alonzo hardfork. https://folm.io/ has enough information. The goal, of course, is to make sure as many exchanges as possible are ready for Alonzo before the mainnet actually goes live.

Exchanges provide liquidity

As explained by Nigel Hemsley of Cardano, it is important that most exchanges have enough liquidity before the hard fork is executed: “We need the lion’s share… because it gives us liquidity before we do the hard fork.”

First on testnet

The hard fork is not immediately thrown onto the mainnet. On September 1, the hard fork will be tested on Cardano’s testnet, so that the team can follow the development in a production environment. Tim Harrison, IOHK’s Marketing and Communications Director, announced that Cardano is targeting the September 12 launch of the Alonzo hardfork. The biggest change this will bring about is that users can run smart contracts on Cardano’s blockchain, which works on a proof of stake basis. Meanwhile, numerous partners are working on their decentralized applications written in the Plutus programming language.

Era of smart contracts

Above is Cardano’s roadmap. It consists of five eras. Goguen focuses entirely on the implementation of smart contracts and hard fork Alonzo is again part of this. Part is still an understatement, this should be the crowning glory during Goguen. Hemsley says about this:

“As we get closer to this hard fork, we will give everyone the opportunity to work with Plutus. This is a full toolbox of smart contract capabilities, and we’ll get right into it. It gives us the basis to build on Cardano… https://moveco.io/ has enough information. Shortly afterwards, more and more dApps and other innovations are introduced.”

Cardano stock shot up

Below the rate of ADA, the currency of Cardano. On August 10, a kind of golden cross formed, after which the price skyrocketed. Of course, this was also due to the community’s anticipation of Alonzo’s launch date.