Following the successful Alonzo hard fork, the Cardano network now has a large swathe of new smart contracts. However, developers must wait to use them as they are locked in a timelock contract. At the time of writing, metrics show an aggregate total of 2,352 smart contracts since the Alonzo upgrade was implemented.
Cardano Has More Than 2,300 Smart Contracts Waiting to Be Deployed
The Cardano (ADA) network upgraded last week and since then the most topical conversation among ADA proponents is smart contracts. The use of smart contracts on the Cardano network has been a holy grail of sorts for ADA fans and even skeptics.
Critics have wondered why ADA has been the third-largest crypto asset by market capitalization well before the protocol had smart contract capabilities. Meanwhile, networks like Terra, Avalanche, Solana, Binance Smart Chain, and more have been gathering steam as they already have compatibility with Ethereum and smart contract benefits.
Data shows on September 17, 2021, there are now 2,352 smart contracts introduced to the Cardano protocol, but right now the contracts are unusable and are locked in a timelock contract.
Wait on Smart Contracts May Be Affecting Cardano’s Price Negatively
Essentially, while the capabilities are there, developers still need to wait to deploy decentralized finance (defi) projects, decentralized applications (dapps), and other concepts like tokenization and non-fungible tokens (NFTs). A number of projects are ready to deploy new protocols and ideas like Cardax, Liqwid, and Singularitynet. It’s possible that the wait for these smart contracts has been affecting ADA markets in a negative manner.
Cardano (ADA) is still the third-largest market valuation among all the cryptos in existence. However, since the upgrade, seven-day stats show a 6% loss in ADA’s fiat value and 14-day stats indicate ADA has lost 20.2%. Metrics also show that 57.16% of all ADA trades on September 17, are swapped with tether (USDT).
This is followed by BUSD (9.22%), BTC (9.10%), USD (6.59%), KRW (5.28%), and EUR (4.69%). ADA is down 23.5% since the crypto asset’s all-time high (ATH) 15 days ago at $3.09 per unit on September 02, 2021.
What do you think about Cardano’s smart contracts and how developers must wait to use them? Let us know what you think about this subject in the comments section below.