- Cardano network is looking at a massive bounty of new smart contracts
- Smart contract application delay affecting Cardano prices negatively
- 2,352 smart contracts which have been initiated in the Cardano platform
Flush with the success of the Alonzo hard fork, the Cardano network is looking at a huge swathe of new smart contracts. However, it will be some time before developers can get a chance to work on them until they are locked in a timelock contract. When going to press, the metrics show an aggregate total of 2,352 smart contracts post-implementation of the Alonzo upgrade.
Cardano has in pipeline 2,300 Smart Contracts Waiting to Be Deployed
The Cardano network got an upgrade last week, and the hottest topic among the ADA community is smart contracts. It was something that has been discussed among both the proponents and skeptics of ADA.
– Advertisement –
The skeptics have underlined that without smart contract capabilities, ADA could become the third-largest crypto asset by market capitalization. Major competitors like Terra, Avalanche, Solana, Binance Smart Chain are gaining strength since they are already compatible with Ethereum and smart contract benefits.
On September 17, 2021, the Data reveals that 2,352 smart contracts have been initiated in the Cardano platform. However, the contracts are not usable since they are locked in a timelock contract.
Smart Contract’s activation delay May Be Affecting Cardano’s Price Negatively.
The Alonzo hard fork has not helped Cardano since developers are in limbo and waiting to start decentralized finance (defi) projects, decentralized applications (dapps), and other concepts like tokenization and non-fungible tokens (NFTs). Numerous new ideas such as Cardax, Liquid, Singularitynet, and other new protocols are waiting to be deployed. The ambiguous situation is negatively affecting the ADA markets.
Essentially, while the capabilities are there, developers still need to wait to deploy. Several projects are ready to deploy new protocols and ideas. The wait for these smart contracts may have been negatively affecting ADA markets.
ADA is still the third-largest market by way of market valuation. However, after the upgrade, the prices have been falling continuously. Statistics for the past week shows that the prices have tanked by 6%, and if one looks at the 14 days statistics, the ADA’s fiat value has tanked by 20.2%. Metrics also reveal that 57.16% of all ADA trades on September 17, are swapped with tether (USDT).