Cardano’s own token, ADA, rallied after the announcement of Alonzo Purple. The highly anticipated Hard Fork Combinator [HFC] event was announced on September 12, 2021 by Nigel Hemsley, Head of Supply and Product at IOHK.
During the video stream, Hemsley noted that the updates have worked fine so far and the network appears to be reasonably resilient. As previous testnet updates have stabilized, IOHK announced the launch of Alonzo Purple by tweeting, “This is happening.”
This updаte plays an important role in the Cardano ecosystem as it brings smart contract capabilities and decentralized finance [DeFi] protocols to the network. It will also expand on the concepts of tokenization and the ideas of fungible tokens.