Cryptocurrency News

ADA dropped 50% in a week, the right shopping opportunity?

Cardano (ADA) has had an impressive performance since 2020. Its original token has moved past the two major price signs at $ 1 and $ 2. Due to the recent retracement of the Bitcoin price, investors may get another shot at buying the ADA before a major milestone is deployed.

ADA trades at $ 1,48 With a small loss in the daily chart and a 22% improvement over the previous week. In the monthly chart, Cardano’s local token still records a 22.1% gain.

The ADA is on a downtrend in the daily chart. Source: ADAUSDT Tradingview

As part of his Goguen era, Cardano 2. Posted several updates with Hard Fork Combinator Event, “Mary” and “Allegra”. Now, the Input-Output Global (IOG) HFC is conducting a stress test for components of “Alonzo” and the smart contract platform to be implemented with this event, Plutus.

According to the latest IOG Update, The Plutus team is working on improving specific elements of the platform to allow for “continuous space contracting instances”. Thus, Plutus’ smart contract would have reduced “unnecessary incidents” and would have been stored and stored on the platform.

The Marlow team, a programming language that will simplify the process of using smart contracts on Cardano, focuses on integration with the Plutus application backend (PAB). Also, he has worked on website design and developer documentation.

Cardano’s Alonzo is on track for deployment

One of the main reasons Cardano has experienced such a rally is because of Plutus’ expectations and its smart contract capabilities. Defy boomed during the summer of 2020 and more competitors, such as Binance Smart Chain and Polkadot, have emerged and received positive feedback from users.

Cardano can be a more decentralized, secure and cost-effective transaction. Cardano’s inventor and CEO of IOG Charles hawkinson Recently gave an interview for the crypto news website Cryptobriefing. Hawkinson confirmed that the IOG would “soon” launch a Pioneer testnet.

This phase will extend for two months. Plutus will undergo a “feature freeze” in late June and will be the final stage before its implementation. According to the CEO of IOG, developers are already working on dApp:

In fact it will take about four to six weeks for hard forks and mainnets to turn on smart contracts. We have also started a Plutus Pioneer program where we are training over 1,000 developers who have expressed interest in writing decentralized applications (DAPs) on Cardano.

Hawkinson said Cardano’s new ecosystem will have DAPs with various use cases such as the NXT marketplace, decentralized exchanges, lending and lending platforms, Oracle, Stablox and others. Will facilitate equipment for transferring projects from the platform Ethereum Cardano (ADA). On this subject Hawkinson said:

We are finalizing arrangements with two dozen different DAPs or platforms. This will happen in the next 180 days. It is a little difficult to initiate that conversation (…) Usually, the conversation is not a clear migration from Ethereum to Cardano. Instead, what we have seen industry-wide is that projects want to be multi-chain.

With bitcoin’s dominance on the downtrend, falling below 40%, and negatively performing altcoins, investors can “buy the dip” by taking advantage of the moment. The crash is preceded by a full implementation of Plutus with “Alonzo” that brings new users to the platform.

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Avinash is a blogger, Enterprenuer, marketer and author. He is very good affiliate marketer and Product Reviewer.