Cardano launched the first Alonzo smart contracts testnet on May 27, Alonzo can now deploy smart contracts, according to IOHK.

Cardano’s ADA is worth more than $30 billion. This was done in anticipation of a significant milestone in the network’s evolution. It could lead to wider adoption and a greater price appreciation for the cryptocurrency.

Approximately 71.7% (or $31 billion) of ADA’s circulating supply have been staked in 2,665 active pools, according to data provider PoolTool. The price of ADA rose 4% to $1.34 on Thursday.

At current prices, ADA is fifth in market capitalization.

Cardano is still the most capitalized cryptocurrency in terms staked value. Industry data shows Ethereum’s staked worth is second at $12.2 million. Algorand, Polkadot, and Solana round out the top five.

Cardano’s staking lets users earn passive income in ADA without locking up their assets. Other protocols, however, require that a certain time period be set aside for staking rewards.

In anticipation of smart contract implementation, investors remain bullish on ADA. Cointelegraph reported that Input Output Hong Kong (or IOHK), launched Alonzo’s hard fork in May. This paved the way for smart contracts capability as soon as August.

YouTube’s June 11th update revealed by IOHK that Alonzo has the ability to run smart contracts.