Cardano’s native token, ada, surged as much as 16% on Friday after the cryptocurrency’s developer announced its much-anticipated upgrade will be released on September 12.

The news drove ada to a two-month high of $2.03 as of 10:00 a.m. ET, according to Coinmarketcap.com. The token retreated to below $2 afterward, leaving it about 17% below its all-time high of $2.39 seen in mid-May. Rival coin ether also rose 5% to $3,211.

Nigel Hemsley, head of delivery at Cardano, revealed the release date of the Alonzo Purple upgrade in a video on Friday.

The upgrade promises to allow engineers to run advanced smart contracts and decentralized finance (DeFi) applications on the cardano blockchain. It could help cardano match the ethereum network’s capabilities. Cardano’s ada token spikes another 16% as its smart-contract update gets an official release date | Markets Insider (businessinsider.com)

By block head

Block Head is a blockchain journalist.