The crypto market is facing a correction today as Bitcoin has slipped to $44,319, and most of the top coins too have witnessed a serious dip.
In tandem with the entire crypto market, Cardano slipped 13.4% hitting a low at $2.22. It was the largest one-day percentage loss since June 21. Cardano’s market cap fell to $71.4238 billion, or 3.62 percent of the overall cryptocurrency market cap, as a result of the drop.
However, Cardano can be expected to pick up steam and start a rally soon. The development team behind the blockchain has set Sept 12 for final rollout of smart contracts on the blockchain.
Watch Out For Sept 12!
A few hours ago, Input-Output Global (IOG) announced the “highly awaited” Hark Fork Combinator (HFC) event on Twitter.
Meanwhile, the third and final event will occur, allowing Cardano to fully deploy smart contract capabilities. IOG’s management went on to say,
“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.”
The team also said, All stakeholders, including exchanges, stake pool operators, and third parties, are now “ready for Alonzo,”
As the company prepares for the Cardano Summit, the team behind this platform will release more information about Plutus and its potential.
Nonetheless, some critics have pointed fingers at Cardano’s smart contract development. In fact, some have questioned Cardano’s ability to process a large number of transactions in a single smart contract.
Cardano critics believe that the blockchain UTXO paradigm, which lacks a fee gas market, will pose problems when Plutus launches.
However, the criticism elicited fast and forceful responses. Cardano’s developer IOG, for example, responded to what they called “social media conjecture” and “outright FUD & misinformation” on Twitter.