Cardano's ada token spikes another 16% as its smart-contract update gets an official release date
Cardano's adatoken soared 16% on Friday as investors prepared for its smart-contract update.
- The network's developer announced a September 12 release date for its "
Alonzo Purple" upgrade.
- Cardano's upgrade could help the blockchain match ethereum's capabilities.
Cardano's native token, ada, surged as much as 16% on Friday after the
The news drove ada to a two-month high of $2.03 as of 10:00 a.m. ET, according to Coinmarketcap.com. The token retreated to below $2 afterward, leaving it about 17% below its all-time high of $2.39 seen in mid-May. Rival coin ether also rose 5% to $3,211.
Nigel Hemsley, head of delivery at Cardano, revealed the release date of the Alonzo Purple upgrade in a video on Friday.
The upgrade promises to allow engineers to run advanced
Smart contracts are programs stored on a blockchain that automatically execute an agreement once conditions are met. They allow engineers to use the blockchain to perform functions like sending information or documents. DeFi applications allow for peer-to-peer transfers of capital or assets without an intermediary.
Cardano's highly-anticipated upgrade is a good reason for investors to stack up the coin, according to Yuri Mazur, head of data analysis at
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