Cardano plans for its new smart contracts
The community had been anticipating the Alonzo hard fork because it was only after its activation that smart contracts built in the Plutus script surfaced on the Cardano network. On the Cardano platform, decentralised applications (dApps) and DeFi projects are now possible.
Cardano’s blockchain has had over 40,000 smart contracts written in the four days since its introduction at the start of the week, the majority of which are by developers working ahead of the release of their dApps.
Based on these figures, we may anticipate a surge in DeFi initiatives on the ecosystem, potentially increasing blockchain usage and driving the value of ADA higher.
According to Charles Hoskinson, Cardano was created for the second wave of DeFi applications. The US Securities and Exchange Commission, is likely to crack down on or regulate current decentralised finance applications (SEC).
Hoskinson Believe that, the first generation will be replaced by a new wave of DeFi projects focusing on identity and decentralised government.
“The winners of the future in the DeFi space are going to have liquidity and interoperability, the ability to move multi-chain. And finally, cost predictability is such an important thing… It’s so bizarre how we just tolerate massive swings in the price of doing business.”
Hoskinson says that the market is still unaware of many of Cardano’s design decisions. There will be millions of users on the blockchain network once the applications now in the commercial pipeline go live within the next year.
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