Cardano Successfully Deploys Alonzo HFC, But Why Is Price Down?

On September 12th, 2021, Cardano successfully completed the final stage of its move to make the network compatible with smart contracts. The long-awaited Alonzo Hard Fork Combinator launch marked the beginning of a new era for Cardano. The developer behind the project, IOHK, took to Twitter to announce the successful upgrade.

The new upgrade has been successful so far, with over 50 smart contracts already deployed on the network, and counting. Alonzo’s Hard Fork Combinator (HFC) marks the end of the road for smart contracts capability. But also marks the beginning of a lot of work yet to be done. The community has so far welcomed the upgrade with open arms. Although one thing remains a problem, the price has not gone up in value. Why is this?

Related Reading | Cardano Network Upgrade And Hard Fork Gets Support From Binance

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Why ADA Price Is Down

Last week, NewsBTC reported on the possibility of the Cardano smart contracts deployment triggering a “sell the news” event. So far, this seems to have been the case, or what this Twitter user aptly describes as “buy the testnet, sell the mainnet.”  This does not mean that most users dumped their bags. In fact, a report from Cardano shows that at least 71% of ADA’s entire coin supply remains locked up in staking contracts, with the current total of staking wallets at approximately 825,755.

Cardano (ADA) price chart from

Cardano (ADA) price chart from

ADA price down following smart contracts launch | Source: ADAUSD on

A major reason that the price has not recorded any significant upward movement has to do with the fact that it will take a while before decentralized applications (DApps) are live on the network, as developers will need time to properly test and deploy their apps on Cardano. This means that it will take a while for traffic to pick up on the network. Triggering an increase in the price of the token as more users buy Cardano in order to carry out transactions on the network.

Get 110 USDT Futures Bonus for FREE!

ADA price will most likely trend around its current price point for the foreseeable future while developers work to launch their apps on the network. With the number of smart contracts being deployed on the network, there will be a large influx of DApps coming to the network, leading to a rise in decentralized exchanges and finance on the network.

Only The Beginning Of The Road For Cardano

While the upgrade is a big leap for Cardano, it is no doubt that there is still a lot of work left to be done. To truly be able to compete with already established networks like Solana and Ethereum, Cardano will have some bumps in the road. These will include some good and not-so-good DApps on the ecosystem, and great development teams and terrible ones alike.

Cardano has its work cut out for it given that the ecosystem is a permissionless, decentralized blockchain so it will have to deal with the good, the bad, and the ugly that comes with this.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

Security is also a big issue that the network will have to deal with as decentralized applications debut on the network. Already, Cardano has issued a bug bounty in conjunction with HackerOne to find vulnerabilities in its network, offering up to $10,000 in bounty to hackers who report bugs. With all of the hacks recorded in the decentralized finance space recently, it is important that the network is as secure as can be for users to start trading on the network.

Currently, the price of ADA is trading below $2.5. The asset has recorded a price dip of 6.50% in the past 24 hours, leading to a $0.20 loss.

Featured image from Blockchain News, chart from


Tagged : / / / / / / / / / /

Cardano Confirms Launch Date For Smart Contracts Mainnet Upgrade

Cardano’s developer IOHK has now confirmed smart contracts capability is set to launch on the network on September 12th. The long-awaited upgrade to the Cardano Mainnet will see the addition of smart contracts capability to the network, which would open the door to both developers and investors alike on the network. The launch is scheduled for Sunday, only four days away.

Related Reading | Analyst Lays Out Theory That Suggests A 290% Move In Cardano (ADA) Before Rally Is Over

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Taking to Twitter, the developer shared with the wider community that they had successfully submitted an upgrade proposal to the Cardano Mainnet. This would trigger the hard fork combinator (HFC) event that would take place on Sunday. “The Alonzo HFC event will be the most significant upgrade yet, laying the firmest of foundations for an exciting new era of smart contracts on Cardano,” said the developer.

Using the HFC technology will enable the deployment of smart contracts capability with the core Plutus, which will come will all compatibility upgrades across the entire software stack. Testing has already been underway for the smart contracts capability with trusted testers from previous upgrade iterations. So far, the smart contracts are processing transactions accordingly and developers have taken to building their DApps on the platform.

Gearing Up To Compete

The final deployment will see Cardano competing with other networks successfully operating in the space. Going up against well-known smart contracts platforms like Ethereum, and a new contender that has taken the market by storm, Solana.

Get 110 USDT Futures Bonus for FREE!

Alonzo Hard Fork will bring decentralized finance (DeFi) and decentralized exchanges (DEX) to the ecosystem, as well as capabilities like being able to mint NFTs on the Cardano blockchain. Effectively expanding the scope of use cases of the network.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

The network ran into some problems earlier when rumors started making the rounds on social media that the smart contracts could only handle one transaction at a time. But this was soon after cleared up by the developers, who showed that the problem was not with the network, but rather with the DApp Minswap. IOHK further encouraged developers to keep testing on the network, adding that “this is what a testnet is for.”

Cardano (ADA) Price Reaction

Cardano, like the rest of the market, is still reeling from the flash crash which it experienced yesterday. Although it has recovered from the lows of the flash crash, the digital asset continues to struggle to find footing back to positions before the crash. The announcement from Cardano’s developer did not do much to push the price upwards, which has left the asset trading around the $2.3 range. Putting it back down below highs from May.

Cardano price chart from

Cardano price chart from

ADA price struggles as market reels from crash | Source: ADAUSD on

At the time of writing, the asset is trading at $2.38, down more than 9% in the last 24 hours. The crash in its value has brought the total market cap of the asset down to $76 billion. Although remaining the third-largest cryptocurrency by market cap.

Featured image from Ethereum World News, chart from


Tagged : / / / / / / / / /

Cardano Offers Up To $10,000 For Network Vulnerabilities In Bug Bounty

Cardano is getting ready for the release of smart contracts capability on September 12th. To this end, the Cardano Foundation is taking steps to make sure that there are no vulnerabilities in the network ahead of launch. A new partnership will help to facilitate this, while also engaging the broader community to take part in making sure that the beloved ecosystem is as safe as possible.

Cardano Foundation, in conjunction with HackerOne, recently released a bug bounty program. This program aims to reward hackers for any vulnerabilities that they may find in the network. Bug bounty programs incentivize hackers to find and report vulnerabilities in a network instead of exploiting them for personal gain.

Related Reading | Cardano (ADA) Getting Ready For A $3 Retest?

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Why A Bug Bounty Program Is Important

There is no doubt that for an ecosystem as vast as Cardano, its team alone cannot find out all of the vulnerabilities in the network. This is where bug bounty programs come in. It draws in the wider hacker community to help find as many vulnerabilities as possible.  The partnership with HackerOne will draw in its large base of hackers, with over 250,000 vulnerabilities already found and reported by its hackers.

Related Reading | Cardano (ADA) Founder Responds To Criticism Over New Crypto Partnership

Ahead of its biggest project launch yet, the foundation is committed to making sure that the entire network is secure for use once it starts onboarding the general public to the mainnet with smart contracts capability.

Get 110 USDT Futures Bonus for FREE!

“Cardano is a leading blockchain ecosystem that aims to enable integrated blockchain solutions globally. It is our duty to maintain the highest standards and commitment to code transparency and reliability to ensure that the protocol remains viable for mission-critical applications delivered around the world from individuals, start-ups, enterprises, financial institutions, and governments alike.” – Jeremy First, Project Manager, Cardano Foundation.

Keeping Cardano Blockchain Safe

Finding bugs through ethical hackers is one of the most efficient ways for any organization to fish out vulnerabilities in its network. Projects like Cardano will usually use automated scanners to check for vulnerabilities in the networks. But bugs that are ‘chained’ together cannot be detected by these automated scanners. This is where human hackers come in.

Related Reading | Crypto Analyst Lays Out ADA Pathway To $4

Ethical hackers use creative thinking to identify places where these ‘chained’ bugs may reside and then report them to be fixed. So something an automated scanner would not catch, an ethical hacker, through the HackerOne bug bounty program, would find and then report. Increasing the safety of the network.

Rewards for the bug bounty are separated into four different levels; low, medium, high, and critical. The bug bounty is also separated into two groups. Bugs can either be reported in the Cardano Wallet or the Cardano Node. The rewards range from $300 for low priority bugs in the Wallet to as high as $10,000 for the critical level bugs in the Node, which will be paid in its native token ADA.

Cardano price chart from

Cardano price chart from

ADA price continues to trail $2.8 | Source: ADAUSD on
Featured image from The Cryptonomist, chart from


Tagged : / / / / / / /

Cardano (ADA) Getting Ready For A $3 Retest?

At this point, there is not a crypto investor that has not heard of Cardano. The network is famed for being the number 1 competitor to Ethereum, seeing that one of its co-founders had created Cardano after exiting the project. Its growth has been tremendous in the past month alone. Giving returns of over 100% in the space of a single month alone.

Related Reading | Crypto Analyst Lays Out Cardano’s (ADA) Pathway To $4

Cardano’s native token ADA has already broken its previous all-time highs, while most of the market is still trying to get back up to its high points in April/May. This has provided the project much-needed notoriety as the race towards smart contracts capability continues. If all goes as planned, the Alonzo Purple Hard Fork will launch on September 12th, bringing DeFi and NFTs to the ecosystem.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Cardano (ADA) Running Towards $3

Crypto analyst Benjamin Cowen also puts the price at $3 if the Bitcoin can stay above the 20-week SMA (simple moving average). Citing the price of Bitcoin as an important driver for the asset. BTC has maintained trading over its 100-day moving average, putting above the 20-week SMA. If Cowen is right, then ADA is set for another bull rally.

Cardano (ADA) price chart from

Cardano (ADA) price chart from

ADA price sets sights on $3 | Source: ADAUSD on

ADA has also maintained trade levels above the 100-day simple moving average. The average transaction volume currently sits at $121 million. With the market cap at $89 billion at a coin trading price of $2.82. The strength of the asset has also grown, currently 13% higher than its 100-day average.

Get 110 USDT Futures Bonus for FREE!

Related Reading | Cardano: Alonzo Enters Final Stage, Smart Contracts On The Horizon

As more investors take an interest in Cardano and its returns, the number of holders will go up. Coupled with the fact that ADA has the highest amount of coins staked, at over 70% of its current market supply, ADA looks set to test $3 again. And with a significant uptick in momentum, the asset is more likely to break the $3 resistance point the second time around.

Growing Value

More prominent of these have been Cardano’s incredible price run which saw the asset clench the number 3 spot for top crypto coins by market cap. Beating out Binance’s native token BNB to take its spot. ADA had earlier tested the $3 price level but was knocked down at this resistance point. ADA’s value is expected to skyrocket in the following weeks leading to the hard fork.

Related Reading | Cardano (ADA) Founder Responds To Criticism Over New Crypto Partnership

DeFi and NFTs coming to Cardano will also grow the value of the asset. As more investors move away from Ethereum due to growing fees, Cardano is the next natural competitor to take these users. Although the blockchain does not offer the lowest fees available, it is significantly lower than EThereum. While Ethereum’s TPS (transactions per second) currently sits a 30, Cardano offers 257 TPS.

Featured image from, chart from


Tagged : / / / / / / / / / /
Bitcoin (BTC) $ 26,576.12 0.06%
Ethereum (ETH) $ 1,592.76 0.09%
Litecoin (LTC) $ 64.75 0.01%
Bitcoin Cash (BCH) $ 208.91 0.65%