This Cardano Catalyst Could Send ADA To Bigger Highs, Says Crypto Trader Aaron Arnold

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Crypto trader and influencer Aaron Arnold highlights an upcoming development for Cardano that he believes could act as a catalyst for a surge in ADA prices in the weeks to come.

In a new video, Arnold tells his 925,000 YouTube subscribers that Cardano may be ready to take off as Ethereum’s competitor prepares for the release of its much-anticipated update.

“Cardano may be ready to retest historic highs. I believe that [at time of] recording, Cardano is above $ 2 right now. Cardano returns to the green following a [six-month-long] consolidation period. The big news of the day concerns Cardano. If you are a Cardano believer, if you have an ADA, this is the announcement that was made regarding smart contracts earlier today.

Arnold refers to the announcement made by Nigel Hemsley, delivery and projects manager at developer Cardano Input Output Hong Kong (IOHK). According to Hemsley, Cardano is preparing to launch full smart contract capabilities on September 12.

The crypto influencer is also pointing the finger at recent statements by IOHK technical manager Kevin Hammond as to why the release of Cardano smart contracts could be a huge development for the third largest cryptocurrency.

“We expect new applications early on, including those our Plutus partners are working on, and more will come after the hard fork. Of course, this is really a whole new era for Cardano because with the hard fork what we are doing is providing the basic smart contract and scripting capability that all of these apps can start to rely on. Initially, the focus will be on the command line interface [command line interface] as we did with the blue, white and purple test networks.

But as we roll out the PAB [Plutus Application Backend], this will improve the developer’s experience, making it easier to develop complex DApps [decentralized applications] with integrated and chain components. All will be written in a safe and verifiable environment. The best thing, of course, is that all of that extra functionality, all of the new DApps people are going to write, won’t require another hard fork.

Once we switch to Alonzo, all of the scripting capabilities will be there. People can pick it up. They can use it. We will be in a situation where people can develop the applications they want, DeFi [decentralized finance] applications they want, on Cardano.

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