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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.

Will Ethereum Flip Bitcoin? Pantera Capital’s CEO thinks so

Bitcoin and Ethereum have been the major cryptocurrencies in recent years. However, there is a belief in certain quarters that Ether would soon surpass Bitcoin to become the leading cryptocurrency in the market.

Pantera Capital believes in flipping

Bitcoin has always been the number one cryptocurrency since it was created. However, Pantera Capital CEO Dan Morehead believes that will not be the case for long. He believes that Ether would soon surpass Bitcoin thanks to the numerous upgrades and massive use of the Ethereum network.

According to Morehead, the potential uses of the Ethereum network, lower environmental impact and technical upgrades are essential for Ether to outperform Bitcoin in the coming years.

He revealed this during an interview with Reuters. Morehead said the latest Ethereum Improvement Proposal (EIP) 1559 upgrade will make Ether act more like a fixed asset. The Pantera Capital said there will be a huge influx of people looking to store their wealth in Ether before Bitcoin in the coming years. ENJ Enjin coin has risen.

Upgrade

The EIP 1559 upgrade is expected to go live tomorrow and is expected to change the way transactions are processed on the Ethereum network and also reduce the delivery of the ether token.

Furthermore, Morehead pointed out that migrating to ETH 2.0 will make Ethereum more environmentally friendly than Bitcoin. In addition, the use of the Ethereum blockchain in decentralized financial (DeFi) applications will also support the price movement of Ether in the coming years.

Ether outperforms Bitcoin in 2021

Of the two leading cryptocurrencies, Ether is the better performer. Ether is up more than 300% since the start of the year, despite losing more than 40% of its total assets from its all-time high in May. At the moment, Ether is trading close to the USD 2,500 level. FTX review is positive.

Bitcoin, on the other hand, has not made a significant profit so far. It started the year trading at $29k per coin and is currently up nearly 40% to $38k. However, BTC hit a new all-time high of over $64k in April.

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