Cardano soared by 25% - what's going on?
Cardano (ADA) jumped 25% at the end of last week on the back of updated plans to roll out smart contract technology.
Since the beginning of the year, the token has risen in price 94 times, reflecting the growing interest in the Cardano ecosystem.
The Cardano token (ADA) rose to the $1.70 mark on Sunday, briefly taking the fourth place in the cryptocurrency rating and pushing Binance Coin (BNB).
In the previous two weeks, the ADA adjusted downwards along with the entire crypto market after setting a historical high above $2.40 on May 16.
Earlier, the project announced its plans to deploy smart contracts as part of the Alonzo update. The process will take place in three stages: 30, 60 and 90 days. The first version of the test network, Alonzo Blue, has already been deployed. According to the latest data, the test series will end in September 2021.
The developers believe that eventually Alonzo will lead to the emergence of new decentralized applications (dApps), including the protocols of decentralized finance (DeFi). This functionality will allow ADA to compete seriously with the Ethereum blockchain, which cannot cope with scaling problems.
Cardano is actively developing and attracting investment flows. Retail traders also pay attention to the cryptocurrency: at the end of April, the number of ADA wallets exceeded 1 million.
Currently, Cardano has more than 2,500 active pools, and the volume of staking in ADA is approaching $34 billion.
Cardano is a multi-level blockchain platform based on Proof-Of-Stake, designed to create decentralized applications based on smart contracts. The official launch of the Cardano platform took place on September 29, 2017. Token trading started on October 1, 2017.