Cardano reaches 2,400 smart contracts – but there is a catch
Cardano’s blockchain reached the mark of 2.4 thousand smart contracts created, according to data from the Ada Pools platform. The number was reached five days after the launch of the Alonzo network, which took place on September 12th. As...
Cardano’s blockchain reached the mark of 2.4 thousand smart contracts created, according to data from the Ada Pools platform. The number was reached five days after the launch of the Alonzo network, which took place on September 12th.
As a result, the ADA recorded an average of 480 smart contracts created per day. However, only 200 of these contracts (less than 10% of the total) have ever been listed on the platform. To understand it better, it is necessary to know how the launch of these contracts on the network works.
Mechanism of time lock
Cardano’s smart contracts are launched through a time lock mechanism. This means that the listed contracts have to wait for a specific date to be released. Until that happens, contracts cannot be used by developers.
In this sense, there are about 200 contracts that already have the time lock activated and, therefore, are waiting for the launch date. Another 2,199 are also awaiting release.
Most of these contracts correspond to projects in the areas of decentralized finance (DeFi), non-fungible tokens (NFT) and decentralized applications (dApps). Cardano creator Charles Hoskinson cited at least four contracts that are about to be launched:
- GREED, a reward token that redistributes the ADA back to its holders;
- Liqwid, an open-source, non-custodial liquidity protocol that will allow you to earn interest on tokens;
- SingularityNET, a platform that allows anyone to create, share and monetize artificial intelligence services at scale;
- Cardax, the first decentralized exchange (DEX) in Cardano’s network.
Delay may compromise ADA price
The launch of the hard fork Alonzo took place without major setbacks, while the price of the ADA had a devaluation of around 20% in the last week. Indeed, many wonder why the ADA rose exponentially while Cardano did not have smart contracts.
Now that the contracts have surfaced, the delay in launch could pose a problem. If the time lock takes too long, the market may start to question the network’s ability to deliver what was promised.
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