Cardano (ADA) sees 200 smart contracts that can’t be used yet

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Sep 18, 2021
  • Cardano has seen a massive surge of smart contracts arrive on its network in the six days.
  • However, a significant portion of them is timelocked, as it waits for the right time to be released and used.
  • The project’s founder, Charles Hoskinson, said that the second wave of DeFi is coming.

Cardano (ADA/USD), the third-largest cryptocurrency project, introduced smart contracts to its mainnet only six days ago, on September 12th, after the successful Alonzo hard fork. In the days that followed, the project saw over 2,200 smart contracts getting ready to launch on its network.

However, up to 200 of them that have been listed recently are in a timelock, which means that they cannot be used by devs until they get released.

Cardano is meant to dominate the second wave, says founder

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According to what is known, the Vercel App has brought a massive number of smart contracts to Cardano, pushing their total number within its network to 2,200. Given how long the smart contract functionality has been anticipated on Cardano, this is an excellent response to the feature finally being introduced.

Charles Hoskinson, who created Cardano, recently commented that DeFi space in Cardano’s ecosystem is currently ‘up for grabs,’ now that smart contracts have finally arrived. He added that DeFi is now seeing its second wave and that the winners of this round will feature both, interoperability and liquidity, as well as the ability to move multi-chain, and easily predictable cost.

Hoskinson stressed that the crypto industry requires governance, certification, insurance, regulation, metadata identity, and more. However, at the same time, decentralization also remains a major necessity. That is why Hoskinson and his team worked on designing Cardano in a way that will allow it to fit the second wave of DeFi.

Which projects are coming to Cardano?

As for the smart contracts that remain timelocked, there are many of them that belong to some very notable projects. One example is GREED, a rewards token that is redistributing ADA back to HODLers. Another one is SingularityNET, which is a platform that allows users to create, share, and even monetize AI services.

Next, there is Liqwid, which acts as a non-custodial, open-source liquidity protocol, as well as Cardax — Cardano’s first DEX.

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