As expected, the long-awaited Alonzo hard fork on the Cardano network took place on September 12th. With this update, smart contracts and crypto signals have appeared on the Cardano network, and users can now create DeFi platforms, NFT applications, and stablecoin projects on the Cardano network – expert of SafeTrading.
Impact on ADA Price?
At the time of this writing, the ADA price was $ 2.41. The ADA, which lost more than 5% in the last 24 hours, broke the record on September 2, earning $ 3.10. Analysts believe that with the new update, the ADA price could continue to rise in the medium to long term.
At this point, it should be noted that the effect of updates such as the Alonzo hard fork on the Cardano network was seen after launch. In other words, the short-term price effect is visible immediately after the introduction of the update. Long-term price effects can be said to be observed several months after the hard fork.
Beneficial for the entire crypto ecosystem.
In his post-update statements, ADA founder Charles Hoskinson stated that he believes the Cardano network update will benefit the entire cryptocurrency ecosystem.
Hoskinson said in his statements on this matter: “We have been working for a very long time. Some of the members of this team have been working for more than four years. We’ve done our job. We have published hundreds of presentations and dozens of articles. ” He uses his own words and adds:
- So much code has been written that a very careful mindset has been created to create an entirely new model that will be useful anywhere, anytime, as an experiment with what we believe to be the best industry model for the industry.
Hoskinson said that the Cardano network will be under much heavier pressure today, and this does not present any problems. According to the founder’s statements, both technical people and non-technical people can now create applications on the Cardano network as they wish.
In addition to all this, for several weeks, according to Hoskinson’s statements. The latest and greatest version of the Plutus backend will be released, and according to Hoskinson, Cardano will see a peak with it in 2021.
Comparisons between Ethereum (ETH) and its competitors.
Ethereum ETH prices have surged to $ 3400 currently and are continuing to recover. We’re talking about an issue that might interest you with crypto signals. Over time, many projects have gone into chaos, saying: We are Ethereum killers. So how many transactions are happening on these networks? Ethereum by the number of transactions on the network. It finished in 3rd place last month and has just 13 competitors. Let’s take a closer look at network activity with experts from SafeTrading.
Ethereum certainly has a strong competitor when it comes to smart contracts, and of course the current data from Solana (SOL) confirms this. The project has continued its activities in this area since March 2020. Moreover, the rise in gas fees for Ethereum has made it more popular.
SOL, which was valued at $ 1.8 in January. recently rose to $ 213. To date, the network has processed 25 billion transactions. So is it high in the opinion of SafeTrading? Of course, to be sure of this, you need to look at the number of transactions of alternative networks. Solana (SOL) ranks first in its field in terms of total transactions.
- In second place is Justin Sun’s Tron. Yes, Ethereum is on par with the number of transactions on the network. In particular, TRC20 is extremely supportive of Tron in terms of the number of transactions. The project started in 2017 and attracted serious attention from the young founder.
- At $ 0.115, despite a total supply of $ 100 billion, TRX has a market cap of $ 8.2 billion. The total number of transactions on the network has reached 2.35 billion. With this figure Ethereum (ETH).
High transaction fees compromise the functionality of the ETH network. Unfortunately, developers cannot afford the cost, so they look to other alternatives. Of course, Solana (SOL) comes first.
Moreover, until the end of 2023, Ethereum is not expected to completely solve this problem. But investor interest in the largest altcoin continues unabated. The current price has risen above $ 3400 again. The total number of transactions on the network has exceeded 1.25 billion, despite high gas charges.
Number of transactions from 10 other competitors.
Ethereum’s biggest competitor is Binance Smart Chain (BSC), developed by Binance. The network, which was activated on the network last August, reached a total of 1.08 billion transactions. Of course, these figures are based on data from the last month and may vary slightly. The Polygon Network (MATIC) is the fifth network with the most transactions. From May 2020 until recently, 668 million transactions were processed on the Polygon network.
- The TomoChain (TOMO) network has had 542 million transactions since December 2018. Networks with 44 to 16 million total transactions are Fantom (FTM), Zilliqa (ZIL), NEAR Protocol (Near), and Ontology (ONT), respectively.
- Cardano (ADA) has conducted 11.2 million transactions. With the Alonzo update, this number of transactions is expected to grow rapidly in a few hours.
- The last three places are Elrond, Polkadot and Avalanche (AVAX).
- Not all of these networks have the same capabilities as Ethereum (ETH), but this is the current status of potential competitors.