December 5, 2021

Price of ADA Fails to Capitalize on Smart Contract Launch 

The much-anticipated Alonzo launch has finally seen completion. According to reports, the mainnet was fully integrated at exactly 10:33 am UTC on Monday. Despite the fanfare that trailed the launch, ADA, the native cryptocurrency of the largest Proof-of-Stake blockchain failed to acknowledge the successful integration via its price. 

ADA had instead gone in the opposite direction, plunging by 13% on the day to the utter disappointment of community members and ADA investors. Notwithstanding, Cardano has something to boast about which is attaining a smart contract status, invalidating the aspersions cast by critics on the blockchain’s ability to accommodate smart contracts.

Cardano’s Price on Monday; Source: TradingView

 

Cardano Founder Happy with Alonzo Mainnet Launch

If anything, Cardano CEO Charles Hoskinson is delighted about the successful integration. The disappointing price correction on ADA bears no significance to him. At least after so many months of defending Cardano against skeptics, he gets to receive a reward for his troubles. 

Alonzo has generated a myriad of talking points including the most recent which concerned the first DEX to launch on Cardano during the testnet phase. As reports noted, Minswap had encountered concurrency issues after users tried to interact with the new platform.

When the hitch occurred, Cardano critics used the opportunity to take a swipe at Cardano, arguing that Alonzo was a failed project. In his usual manner, Hoskinson had come to the blockchain’s defense again. With Alonzo launch, Hoskinson has dared Polymarket, a decentralized prediction market that created a bet on whether Cardano will launch smart contracts by October or not. In light of this, he has asked the prediction protocol to donate $50,000 to any charity organization of his choice. 

Cardano Fights for Ethereum Killer Title 

Cardano now towers above the views of the opposition, especially Ethereum proponents who believe that Cardano is by no means the Ethereum Killer as touted in some quarters. The proof-of-stake blockchain has been tipped for that title along with Solana. 

Comparing both, Solana has more claim to the Ethereum Killer title than Cardano because of its recent performance. Although Cardano attained a new all-time high of $3 two weeks ago, Solana has registered more percentage increase on its price, reaching an all-time high of $215 in a fast-paced move as of last week. 

ADA investors had anticipated with high hopes Alonzo’s launch, so they could start recouping their huge investments on the third-largest cryptocurrency by market cap. Now it seems they would have to wait for later, perhaps in the next altcoins’ bull run before selling their holdings.

Meanwhile, Charles Hoskinson has argued that no project in the industry currently has the upper hand. On August 21st, being the same day he announced Sept. 12 as the launch date for Alonzo, Hoskinson likened the struggle for relevance among various projects to a pool next to an ocean and that no one was the best, not even Ethereum. The next few months are fortuitous for ADA’s price with Alonzo already live and ongoing.