Cardano To Bring In Smart Contracts With The Alonzo Testnet

The Cardano community has witnessed an array of developments with respect to its network in recent days. Additionally, the network’s network coin, ADA seemed to have aided this upgrade by recording a new all-time high. At the time of writing, ADA was trading for $1.19 with a 2.29% rise in the last 24-hours. Now the network seemed to be inducing decentralized finance [DeFi] into its system.

DeFi gained the attention of the globe after it exhibited notable surges during the peak of the lockdown. At the time of writing, a total value locked in the DeFi space was a whopping $41.36 billion. While this rise urged several networks to incorporate DeFi into their systems, Cardano seems to be the latest to do the same. In a recent tweet, by the Input OutputHK [IOHK], it was revealed that the Alonzo testnet would pave the way to smart contracts into the network.

Cardano Dives Into DeFi

Speaking at the Cardano60 online conference, the CEO of IOHK, Charles Hoskinson elaborated on the prospects of the Alonzo testnet that is scheduled to live in April. While the testnet would be rolled out through a hard fork, smart contracts would be made available only for testing during this phase. However, later in August during the launch of the mainnet, smart contracts would be ready to be employed.

IOHK went on to announce the same through Twitter. the tweet read,

Hoskinson elaborated about the same and said,

“For the first time ever, publicly, people will be able to write smart contracts and deploy them on Cardano,”

The Cardano network recently underwent a network-wide update with Mary. This update helped the network become a multi-asset blockchain. The hard fork currently supports multiple assets along with its native cryptocurrency.

It was very evident that the network has been making immense progress without encountering any blips. This imminent upgrade could prolong the network’s advancement.