A week after the Alonzo upgrade at Cardano (ADA), blockchain data shows hundreds of smart contracts. The catch: they are time-locked.
Smart contracts have been supported on Cardano (ADA) for eight days. This was made possible by the upgrade Alonzo, which has high expectations. Cardano wants to open up new fields of application with smart contracts, including decentralized finances (DeFi). An initial interim conclusion shows that although developers have already entered hundreds of smart contracts into Cardano, they have not yet been released for public use.
The data service ADApools , for example, lists the 200 most recent smart contracts on Cardano – and all of them are marked with a timelock, i.e. a time lock that has yet to be opened. Smartcontracts Vercel currently counts 24 active smart contracts at ADA and around 3,5000 locked with a timelock.
Exciting projects in the pipeline at Cardano
A number of promising external projects are known at Cardano, which hope to be launched soon. These include Cardax, a decentralized crypto exchange, Liqwuid, an interest rate comparison service for yield farming, and SingularityNET, a platform dedicated to monetizing artificial intelligence. But it should be noted: Despite a long preparation time, these projects are not yet live, and in some cases it has leaked out that this is related to unexpected limitations with smart contracts based on Cardano.
ADA founder Charles Hoskinson expects “second wave” for DeFi
Then over the weekend, Charles Hoskinson, as the mastermind behind Cardano, also commented on the situation. In an interview, he sees a bubble developing in the trend topics NFTs and DeFi and expects increased government regulation there. However, Cardano is well prepared for a subsequent “second wave” of DeFi and can score with very low fees and compatibility with different blockchains. Charles Hoskinson prefers to call the future DeFi RealFi, where, for example, identities are also included, metadata and the willingness to comply with regulations.
Conclusion: Cardano remains under observation
ADA is currently trading at just under $2.20, down 20 percent from when Alonzo was launched. Investors had obviously hoped for much more from Cardano Alonzo and had firmly expected to see smart contracts in action. Hoskinson himself had predicted thousands of DApps at Cardano in 2021, but so far there has been no sign of them in reality. Thus, the question remains whether smart contracts are at all practical under Cardano – and these doubts weigh on ADA’s price curve.
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