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On September 7th, Charles Hoskinson re-confirmed IOHK’s tweet on submitting a proposal for the smart contract launch. Hoskinson confirmed that Cardano’s smart contracts program will go live on September 12th.
The proposal should trigger the Cardano network Alonzo Hard Fork event on Sunday.
Smart Contract Support Coming Soon
On Tuesday, IOHK and Charles Hoskinson announced that they already submitted a proposal to trigger the smart contract launch. IOHK has been famous for the developments of the Cardano network for several years. Cardano has had plans to launch Dapp support for years now. The project took keen steps since early this year with the phased introduction of Alonzo.
An IOHK team member named Sam submitted the HFC update proposal at around 17:26. This Plutus upgrade will take effect on Sunday 12th at exactly 21:44:51 UTC. Thus, the much-awaited Cardano’s Defi support is soon to come. According to IOG, this network upgrade is the largest to happen in the past four years. It includes the smart contract services tool and other software compatibility upgrades. IOHK wrote;
This upgrade marks the start of a new phase in Cardano’s development of smart contracts. DApps. It’s time that crypto stakeholders get ready for the upcoming support. To usher in the upgrade, Cardano will host a live event on Sunday.
Mixed Feelings About The Launch
The launch of Plutus has created a lively debate in the crypto space. For instance, Eric Wall, the CIO of Arcane assets, has recently been very vocal against Cardano. He criticized the development mechanism and other attributes of Cardano’s project. Wall is not the only critique.
Immediately after IOHK’s announcement, several critics replied to the posts. One highlighted that the recent Solana price actions show that it has more consumer confidence than Cardano. Other Twitter and Reddit users also criticized the sustainability of Cardano’s UTxO.
The critics seem to be enthusiasts of competing projects whose intentions could be bringing Cardano down. However, Cardano enthusiasts love the steps this project is taking.
Current $ADA’s Price Actions
The recent announcement by IOHK did not have any significant impacts on the Ada prices. In fact, the markets continued with a bearish that began a few hours before the announcement.
At the time of writing, Cardano is trading at $2.35, which is around 16% lower than the value early yesterday. The price actions followed the course of a bearish pattern ongoing currently.
Cardano stakeholders anticipate that the smart contract support will trigger positive price movements. Experts believe that Cardano will be closing the year at a little over $5. It’s all possible if the project gets Defi and NFT adopters soon after launch.