The ADA rate increased by 12% in 24 hours. Earlier, founder Charles Hoskinson announced the arrival date for smart contracts.

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Even a $ 600 million protocol hack, the push of a bearish crypto bill in Congress, and a $ 100 million regulatory settlement by BitMEX failed to dampen the current enthusiasm of cryptocurrency buyers.

A typical example: Cardano.

The Ethereum competitor, toying with the introduction of smart contracts, has just seen its native coin, ADA, increase by more than 12% in 24 hours. ADA is now trading at $ 1.78. The coin has not experienced such heights since the first week of June.

Exact date not yet known

In an” announcement of the announcement”, Cardano founder Charles Hoskinson just stated: he will soon reveal the date when smart contracts will be released on the Cardano mainnet.

Hoskinson to viewers on Periscope:

“We will be able to announce when the Alonzo hardfork will take place and at that time they will be able to execute smart contracts on Cardano.“

According to Hoskinson, the hard fork will take place before the “Cardano Summit”, which is currently scheduled for next month.

Cardano has gradually added features since its launch in 2017. Like Ethereum, for example, Cardano allows non-fungible tokens (NFTs) – blockchain-based tokens that are a kind of title deed for a digital asset.

The Alonzo hardfork will be one of the most consequential updates to the proof-of-stake network. It will facilitate the introduction of decentralised financial protocols (DeFi). They should enable people to borrow, lend and trade without intermediaries. Instead of loan officers and underwriters, DeFi relies on so-called smart contracts. These are programs that run when certain conditions are met.

While ADA has had the biggest move of all assets in the top 10 over the past 24 hours, most coins have had a decent if unspectacular day. Ethereum was up slightly at nearly 4%, Binance Coin saw an 11% increase, and Uniswap was up 2.5%. Bitcoin, on the other hand, the number 1 cryptocurrency by market capitalization, saw only a slight upward movement and has risen by 2%.

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Text credit: Decrypt

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