Cardano (ADA) is getting ready to support smart contracts and make it possible for dApps and decentralized finance (DeFi) to start expanding on the Cardano network. In a recent announcement made by IOHK, they informed that the network continues to grow by adding smart contracts to the whole protocol.
Cardano Continues to Expand
Cardano supporters are getting ready to start enjoying smart contracts on top of this network. The Marlowe upgrade aims at making it possible for individuals and network participants to execute financial agreements. However, this is not all. With the release of another upgrade called Alonzo, it will become possible for the network to support smart contracts for the first time.
We shouldn’t expect the Alonzo update to be immediate. Indeed, it might take longer than it usually does. The upgrade is expected to take place in different stages, starting with the first one next month (June). However, the updates will continue until the last part of this year in September 2021.
It is worth taking into consideration that developers needed to work on this solution to be aligned with the most popular crypto projects in the market. We are talking about Ethereum (ETH) and Binance Smart Chain (BSC) that have been expanding over the last months and attracting a large number of users from all over the world.
Additionally, the Shelley upgrade allowed Cardano users to start staking their coins. That means that the network is now fully Proof-of-Stake (PoS), something that makes it possible for users to be part of the network, keep it secure and get rewarded for it.
The Marlowe upgrade would bring smart contracts to Cardano. In this way, DeFi projects are able to create different protocols and applications that would allow users to get access to decentralized finance.
Some of the projects that have been expanding as DeFi leaders include PancakeSwap, Uniswap, Aave, Compound and many others. Each of the networks has its own protocols and projects. This is where Cardano could show that it is a more efficient blockchain network and that it is ready to be among the largest blockchain projects in the market.
According to CoinMarketCap, Cardano is now the 5th largest blockchain network in the market and it could soon surpass Binance Coin (BNB) as the 4th largest project. ADA has a price of $1.56 and it has a market valuation of $50 billion, just $2.75 billion less than BNB.