Cardano surged beyond $2.2 for the first time in nearly three months after the blockchain’s top developer announced a September release date for the planned “Alonzo” upgrade, which would bring smart-contract capability and address one of the network’s most visible flaws, according to detractors.
Cardano’s smart-contract capabilities would enable it to integrate new applications, such as decentralized finance (DeFi) platforms that automate bitcoin lending and trading. The enhancement might help the network challenge Ethereum, which is now the top among blockchains that support smart contracts.
In a video broadcast by developer Input Output on Friday, Nigel Hemsley, Cardano’s head of delivery, stated that the platform would launch the Alonzo upgrade on September 12th.
On Saturday, the ADA price hit $2.251, its highest level since mid-May, when it hit an all-time high of $2.31. It has increased by 16 percent in the last 24 hours. Cardano’s market capitalization has risen to almost $71 billion, putting it past Binance Coin (BNB) and tether (USDT) for third place among all cryptocurrencies by market capitalization, after bitcoin and ether.