Cardano (ADA) and Polygon (MATIC) are the rising stars in the crypto-verse. Amid the recent market crash and multiple FUD in the ecosystem that lead to BTC, ETH and other altcoins saw severe drops in prices, wiping off billions of dollars from the market within days, both ADA and MATIC remain largely unaffected and have grown steadily.
The stability of both the coins is primarily due to their strong fundamentals, continuous product updates, and adoption by users and the other ecosystem projects. In a recent video released on 26th May 2021, popular New Zealand-based crypto analyst Lark Davis described why is super bullish on Cardano (ADA).
In his video on youtube, Lark highlighted that he is all in for Cardano summer because loads of new applications are launching in anticipation of the must-awaited launch of the smart contract on Cardano. Charles Hoskinson, the founder of Cardano told in a press release last week that the hard fork named Alonzo that will enable developers to finally be able to build smart contracts on Cardano is approaching its release and likely to be available to developers by August end 2021.
In a tweet on 29th May 2021, IOHK informed its nearly 122,800 followers that Alonzo Blue, which is the first of three development stages aimed toward the launch of smart contract capabilities for Cardano, is up and running and the process of onboarding a small, select group of SPOs (stake pool operators) & Plutus Pioneers to help lay the foundations has already started. It will be followed by Alonzo White and Alonzo Purple to become available on the main net by August end.
It’s a 30-60-90-day plan. What this actually means is that you start off with Blue. It’s a little smaller, more tight-knit. We start off with the basic functionality, bring a few pioneers, a few SPOs on and we start rolling then and there. We move on to [Alonzo] White where we now cast a little bit wider net and we bring in more partners and now you start running more performance benchmarks and things of that nature. The White rolls into Purple which is now fully public. We’re talking about every pioneer. We’re talking about most SPOs, if not all SPOs. We’re talking about exchanges.
At this stage, we’re really ready to go… Once you get to the Purple stage, we are pretty much close to the hard fork combinator event within that 30-60-90-day window from start to Blue, ending with Purple.IOHK, Cardano’s parent company
Lark also mentioned in his video that he is super excited about Cardano’s smart contract release and Plutus Pioneers because these were some of the biggest criticisms that people had against Cardano. They use to say that “well no one’s going to come and code in Haskell”. But now they have trained developers and a thousand developers are already onboarded and building DApps on Cardano and it is going to kick off just a revolution in terms of what is possible for Cardano.
What we need is those smart contracts to really kick-start the DeFi ecosystem — marketplaces, lending, borrowing, all that stuff you need smart contracts for — and it’s coming very soon.Lark Davis
Lark also thinks that Cardano’s ERC20 Converter is basically the software that allows you to easily convert your tokens from Ethereum tokens to being Cardano tokens and this will be popular with a lot of projects and we will see a lot of projects rushing to integrate with Cardano.
Well, it’s not just Lark but the crypto industry, analysts and influencers are bullish on Cardano right now and the same can be seen on ADA market prices. At press time Cardano is leading the charts been in 4th position with ~$50 billion market cap as per CoinMarketCap data. ADA is currency traded at $1.5 per coin.