Amid the general recovery in the crypto market in recent days, the fifth largest cryptocurrency by market capitalization, Cardano (ADA), is up around 31% in the past 7 days. Currently, ADA is trading at a two-month high of $ 1.79 and a market cap of $ 57.6 billion.
Cardano has seen a sharp rebound over the past month as the price climbed to a 2-month high. When it comes to identifying assets with long-term viability, development activity, which looks like $ ADA, is a potentially interesting entry point.
IOHK announces the launch of Purple Testnet
IOHK, the blockchain infrastructure company behind Cardano, announced that the Alonzo Purple Testnet is up and running on the Proof-of-Stake Cardano blockchain.
The launch of Alonzo Purple follows the launch of two previous test networks – Blue and White. Interestingly, Alonzo Purple is the first fully public Cardano testnet to support smart contracts. This is one of the major upgrades to the Cardano blockchain as it could be in direct competition with giants like Ethereum.
The latest updates for Alonzo Purple were announced last week on August 6th. The announcement from the developer states:
This is an exciting and important next step on the #Alonzo journey. Indeed, the #Cardano trip. With the support of our OG community testers in the Blue & White phase, #AlonzoPurple will be the first fully public Cardano test network to support smart contracts.
To ensure a smooth transition into the world of smart contracts, the developers added:
“We want to ensure that as many exchanges as possible are Alonzo hard-fork-ready when we hard-fork the network to ensure that their customers have uninterrupted access to their ADAs and don’t have to wait for them to do so Will be clarified afterwards “.