Cardano Begins Testnet for its Alonzo Smart Contracts Upgrade

Input-Output Hong Kong (IOHK), the research and development company behind Cardano blockchain has successfully rolled out the first Alonzo testnet that will bring smart contracts comparability onto the blockchain ecosystem.

Cardano Begins Testnet for Its Alonzo Upgrade

Input-Output Hong Kong (IOHK) has launched the testnet for the Cardano Alonzo smart contracts platform according to an announcement on May 27.

The Alonzo upgrade will bring new features to the Cardano network through the integration of Plutus scripts, which means smart contracts can be enabled on top of the Cardano blockchain.

Formed by a series of color-coded testnets, the latest upgrade started with Alonzo Blue and will be succeeded by Alonzo White and Alonzo Purple.

The Alonzo Blue testnet will be initially available for a limited number of stake pool operators, members of the Plutus pioneer program as well as several partners.

In addition, Alonzo White will introduce the first exchanges integrated with the Rosetta framework to facilitate adding tokens to these platforms demo dApps, integration with WBE and PAB, benchmarks, and more participation from around 500 community members, pioneers, stake pool operators (SPO).

While in August, Alonzo Purple will launch the first public testnet with all the pioneers “onboarded” with the partners dApps.

Cardano Investment Products Saw Highest Weekly Inflows

According to a report from CoinShares, Cardano (ADA) investment products have seen the highest weekly inflows among cryptocurrency investment products.

During the week ending on 24th May, inflows into ADA investment products were $10 million more than any other cryptocurrency fund, with Bitcoin funds seeing outflows of $110.9 million, while ETH funds outflows totaling $12.6 million.

Similarly, year-to-date, Cardano investment products drew in $24 million while BTC products bought $4.13 billion, and ETH products at $923 million.

In the past, last 12 months, Cardano (ADA) has been up by a whopping 2,900%, even after the recent crypto market crash, and is currently trading at $1.57.