Last month was much anticipation, as the Cardano community around the world waited for the smart contract implementation to finally go live on the mainnet. Amid episodes of FUD and criticism, Alonzo’s hard fork combination event finally took place yesterday, bringing “a momentous moment in the birth of a new ecosystem.”
In the early hours of September 13, InputOutputHK, the company behind Cardano, posted an update confirming that the hard fork was a success. In an upbeat blog post celebrating the event, the IOHK blog outlined what the future looks like for the growing blockchain network. He stated that this is only the beginning of what he has been trying to achieve. Also, as mentioned in the blog,
“This is where the mission really begins, as we, the entire community, began to fulfill the vision that we have all been working towards for so long.”
Describing the growth of the ecosystem, the post revealed that wallets betting on ADA, Cardano’s native cryptocurrency, stood at 825,755 at the time of this writing, signaling a 35% increase since June. Additionally, the total value delegated to take groups was valued at $ 59.8 billion at the time of this writing, which was equivalent to 71.4% percent of the total ADA supply.
The birth of the Cardano developer ecosystem is also worth noting, as many projects are in different stages of launch on the web. IOHK revealed that 150 projects are developing concepts in Cardano’s Project Catalyst innovation program, and around 800 projects have applied for funding worth $ 4 million. In addition to developers learning the Plutus language used for Cardano’s smart contracts, IOHK elaborated that,
“Dozens of projects have and are ready. Hundreds of projects have been actively working on the various Cardano testnets and privately hosted solutions. “
The ecosystem map above is “a beautiful view” of what the future holds for the upper web. However, it is no secret that Cardano is still in its early stage of development and the network is sure to face some difficulties in the future.
The IOHK blog also pointed out the inevitability of flawed user service, dApp implementation issues, and bad actors who resort to hacks, scams, and more. He even pointed to Ethereum, to show how it takes networks to recover. Said,
“Cardano watchers may be expecting a sophisticated ecosystem of consumer-ready DApps available immediately after the upgrade. Expectations must be managed here. We must remember that another well-known blockchain project that launched in July 2015 had to wait more than two years before its first DApp gained real traction from users. “
Ethereum remains the main industry standard for smart contracts and dApps despite its high gas fee, and Cardano might have to catch up.
In any case, the road ahead seems very busy for the network. As the network effects of the fork occur, IOHK aims to optimize the platform and fine-tune its performance, while also refining pricing parameters based on usage patterns. You will also look at the developer community and the Cardano Enhancement Proposal (CIP) process to optimize user requirements and increase capabilities.
Additionally, IOHK is aiming to broaden its developer base by introducing new bridges, sidechains, and other Layer 2 solutions, even as Plutus will remain its mother tongue.
In a video released a couple of days before the HFC event, Hoskinson had also outlined a similar vision for the network, adding that,
“A few weeks later, the latest and greatest version of the Plutus app backend will be released and we will have the [Cardano 2021] summit. And there will be a great focus of attention on the ecosystem as a whole. It will be a great event. “
However, he said that on the 13th, the network could be facing a greater amount of “load as people play and try things, and that’s fine.”
The founder was not wrong, as the price of ADA has plummeted since last night. In the run-up to the main event, the token hit new highs of just over $ 3 and hit third place in terms of market capitalization. However, the coin has plunged 8.8% in the last day. However, as with every bullfight, a kick is an unspoken accompaniment. Also, it could just be the effects of larger market corrections, as Bitcoin was seen trading in the red at press time.
This is a machine translation of our English version.