After the successful Alonzo hard fork, the Cardano network now has a large number of new smart contracts. However, developers will have to wait to use them as they are locked in a timelock contract. At the time of writing, the metrics show a 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 updated last week and since then the most recent conversation under ADA Smart contracts are advocates. Using smart contracts on the Cardano network was kind of a holy grail for ADA Fans and even skeptics.
Critics have wondered why ADA was the third largest crypto asset by market capitalization long before the protocol had smart contract functions. Meanwhile, networks like Terra, Avalanche, Solana, Binance Smart Chain and more have gained momentum as they are already compatible with Ethereum and Smart Contract benefits.
Data shows on September 17, 2021 are now available 2,352 Smart Contracts Introduced into the Cardano protocol, but at the moment the contracts are unusable and locked in a timelock contract.
Waiting for smart contracts can have a negative impact on Cardano’s price
While the skills are in place, developers essentially still have to wait to deploy decentralized finance projects (defi), decentralized applications (dapps), and other concepts like tokenization and non-fungible tokens (NFTs). A number of projects are ready to use new protocols and ideas, such as Cardax, Liqwid, and Singularity network. It is possible that the wait on these smart contracts may have had an impact ADA Markets negative.
Cardano (ADA) is still the third largest market valuation of all existing cryptos. However, since the upgrade, the seven-day stats show a 6% loss in ADAThe fiat value and the 14-day statistics show ADA has lost 20.2%. Metrics also show that 57.16% of all ADA Trades on September 17th, will be exchanged with Tether (USDT).
It 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 2nd, 2021.
What do you think of Cardano’s smart contracts and how do developers have to wait to use them? Let us know what you think on this matter in the comments below.
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