Cardano Crypto News: What Is the Alonzo Purple Upgrade? 7 Things to Know

Today, investors in Cardano (CCC:ADA-USD) are eagerly awaiting the upcoming Alonzo Purple upgrade. This upgrade is one of the key pieces of Cardano crypto news that has investors excited about the cryptocurrency. Currently, ADA tokens are trading more than 18% higher over the past 24 hours. Additionally, this cryptocurrency has seen 35% gains over the past week alone.

A concept token for Cardano (ADA) with a trading chart in the background.
Source: Shutterstock

Accordingly, investors are rightly factoring in some of the big catalysts arising from this upgrade. As fellow InvestorPlace writer Brenden Rearick recently pointed out, Aug. 13 is a big date. This Friday is the day that the Cardano development team will reveal details about the Alonzo Purple upgrade.

That said, there are some details we’re already aware of with respect to what we’ll see with this upgrade. Let’s dive into a few key points for interested crypto investors.

Cardano Crypto News Coming Friday

Among the key updates included as a result of this upgrade are the following:

  • Smart contracts will be rolled out as part of this update.
  • These smart contracts allow for a range of decentralized finance (DeFi) applications to be used on the Cardano network.
  • Accordingly, investors are intrigued by the potential for ERC-20 tokens to be issued on the Cardano blockchain.
  • Additionally, there’s a newfound NFT angle with Cardano as well, resulting from these smart contracts.
  • Cardano has developed its platform design through peer-reviewed research.
  • However, previous implementation delays have hurt investor confidence in Cardano in the past.
  • That said, should this update roll out smoothly, there’s a lot to like with ADA right now.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Article printed from InvestorPlace Media,

©2023 InvestorPlace Media, LLC