Cardano’s Alonzo testnet is coming up in April and will bring smart contracts availability with it, allowing developers to deploy their own decentralized apps so let’s read more in our latest Cardano news.
Cardano developers plan to launch a smart contracts-focused testnet in April and Cardano’s Alonzo hard fork will allow users to deploy decentralized applications on the blockchain. The testnet will bring smart contracts to the Cardano blockchain and will likely go live in April according to IOHK CEO Charles Hoskinson who revealed the news during a Cardano365 virtual conference.
Hoskinson claimed that the testnet will launch at the end of April or early May, as he said:
“For the first time ever, publicly, people will be able to write smart contracts and deploy them on Cardano.”
According to the rollout plan, the Alonzo upgrade will come in the form of a hard fork in the spring and the smart contracts will be available for testing purposes only with the full mainnet launch set for August. The addition of smart contracts is a huge milestone for the blockchain since it will make the blockchain a viable competitor to ETH. Since last summer, Ethereum’s decentralized finance Ecosystem flourished and built upon a huge array of Decentralized applications which were based on Smart contracts.
The same functionality came to Cardano and the blockchain developers presented the ADA-native dapp that will allow users to swap different tokens similar to the ETH’s killer dapps as Uniswap. According to DeFi Pulse, the total value locked in Defi is near $40 billion while other platforms such as MakerDAO, Aave, and Compound are all based on the ETH smart contracts. With the launch of Alonzo, Cardano will be able to expand into the market as well. The previous upgrade dubbed Mary moved the blockchain closer to Ethereum and introduced the ability for users to create custom tokens which turned ADA into a multi-asset network that can support a lot of different cryptocurrencies.
Cardano doesn’t rely on smart contracts alone for the token transactions which means that the transfer fees will continue surging on ETH and will be much lower on Cardano. For example, the average transaction fees on ETH surged to a new ATH and reached $43 according to the data.