Cardano Successfully Deploys Alonzo HFC, But Why Is Price Down?

Cardano Successfully Deploys Alonzo HFC, But Why Is Price Down?

13 Setembro 2021 – 08:00PM

On September 12th, 2021, Cardano successfully completed the final
stage of its move to make the network compatible with smart
contracts. The long-awaited Alonzo Hard Fork Combinator launch
marked the beginning of a new era for Cardano. The developer behind
the project, IOHK, took to Twitter to announce the successful
upgrade. The new upgrade has been successful so far, with over 50
smart contracts already deployed on the network, and counting.
Alonzo’s Hard Fork Combinator (HFC) marks the end of the road for
smart contracts capability. But also marks the beginning of a lot
of work yet to be done. The community has so far welcomed the
upgrade with open arms. Although one thing remains a problem, the
price has not gone up in value. Why is this? Related Reading
| Cardano Network Upgrade And Hard Fork Gets Support From
Binance Why ADA Price Is Down Last week, NewsBTC reported on the
possibility of the Cardano smart contracts deployment triggering a
“sell the news” event. So far, this seems to have been the case, or
what this Twitter user aptly describes as “buy the testnet, sell
the mainnet.”  This does not mean that most users dumped their
bags. In fact, a report from Cardano shows that at least 71% of
ADA’s entire coin supply remains locked up in staking contracts,
with the current total of staking wallets at approximately 825,755.
ADA price down following smart contracts launch | Source: ADAUSD on A major reason that the price has not recorded any
significant upward movement has to do with the fact that it will
take a while before decentralized applications (DApps) are live on
the network, as developers will need time to properly test and
deploy their apps on Cardano. This means that it will take a while
for traffic to pick up on the network. Triggering an increase in
the price of the token as more users buy Cardano in order to carry
out transactions on the network. ADA price will most likely trend
around its current price point for the foreseeable future while
developers work to launch their apps on the network. With the
number of smart contracts being deployed on the network, there will
be a large influx of DApps coming to the network, leading to a rise
in decentralized exchanges and finance on the network. Only The
Beginning Of The Road For Cardano While the upgrade is a big leap
for Cardano, it is no doubt that there is still a lot of work left
to be done. To truly be able to compete with already established
networks like Solana and Ethereum, Cardano will have some bumps in
the road. These will include some good and not-so-good DApps on the
ecosystem, and great development teams and terrible ones alike.
Cardano has its work cut out for it given that the ecosystem is a
permissionless, decentralized blockchain so it will have to deal
with the good, the bad, and the ugly that comes with this. Related
Reading | New To Bitcoin? Learn To Trade Crypto With The
NewsBTC Trading Course Security is also a big issue that the
network will have to deal with as decentralized applications debut
on the network. Already, Cardano has issued a bug bounty in
conjunction with HackerOne to find vulnerabilities in its network,
offering up to $10,000 in bounty to hackers who report bugs. With
all of the hacks recorded in the decentralized finance space
recently, it is important that the network is as secure as can be
for users to start trading on the network. Currently, the price of
ADA is trading below $2.5. The asset has recorded a price dip of
6.50% in the past 24 hours, leading to a $0.20 loss. Featured image
from Blockchain News, chart from

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