Cardano Nears All-Time High as Investors Await Smart Contracts

Expectations are rising for the blockchain to implement smart-contract functionality by next month.

AccessTimeIconAug 19, 2021 at 9:22 p.m. UTC
Updated Sep 14, 2021 at 1:42 p.m. UTC

The price of cardano (ADA), the native token of the Cardano blockchain, neared an all-time high Thursday, rising to $2.44, as investors await a September release for the planned “Alonzo” upgrade for the blockchain – a move that will usher in smart-contract functionality and thus address what critics have described as one of the network’s most glaring deficiencies.

  • At press time, ADA was trading at $2.35, up 14% during the past 24 hours, based on CoinDesk pricing.
  • ADA reached an all-time-high price of $2.47 in May.
  • Lead Cardano developer Input Output recently announced a timeline for the Alonzo upgrade, targeting Sept. 12 for the final release date. 
  • Smart-contract functionality would allow Cardano to incorporate more applications, including decentralized finance (DeFi) platforms that allow for automated cryptocurrency lending and trading.
  • The improvement could put the network in a better position to challenge Ethereum, currently the leader among blockchains with smart-contract functionality.
  • In a prediction market started in July that allows participants to bet on whether Cardano can release smart-contract functionality by Oct. 1, the betting contract was trading at 79 cents as of press time.
  • That is up from 30 cents on July 18 when the market was first launched but down from its all-time high of 85 cents on Aug. 12 and Aug. 15. The betting contract pays out $1 of the stablecoin USDC if Cardano succeeds in meeting the timeline. 
CoinDesk - Unknown

Correction (21:43 UTC, Aug. 19, 2021): An earlier version of this story erroneously stated that Cardano had hit an all-time price. This story has been corrected to show that the price rose close to an all-time high.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.