Following the launch of Cardano’s first testnet for its smart contract platform, Alonzo, ADA’s price rebounded by 15% on Monday morning to reach US$1.65, overtaking Binance Coin to make it the fourth-largest coin by market cap.
Fast Facts:
- The new smart contract platform will be rolled out in three phases, each named after a different color. The current blue phase will be followed by Alonzo White and Alonzo Purple, each aiming to include more users and add functionality to the network. The phases are to be rolled out at 30-day intervals, with Alonzo Purple expected to launch by the end of August.
- Alonzo also will support an ERC20 converter, allowing ETH tokens to run on Cardano, making its proof-of-stake network a serious competitor to Ethereum.
- ADA reached an all-time high of US$2.47 on May 16 before dropping amid an overall market correction a few days later to a low of US$1.06. Its market cap was US$51 billion at press time.