Cardano (ADA) surged to $2.03 on Friday, making it the third largest cryptocurrency by market capitalization at one point, according to a report by Forbes.

The cryptocurrency’s market capitalization has reached over 65 billion ahead of today’s announcement on its smart contract launch date for its main network, which could help Cardano compete equally with Ethereum, the report said.

A smart contract is a program on a blockchain that automates the execution of an outcome, according to IBM.

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