After the successful activation of the 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 into a time-bound contract. At the time of writing, the metrics show a total of 2,554 smart contracts since the Alonzo upgrade was implemented.

Last week marked a historic milestone for the Cardano network, and smart contracts have been the hottest topic in ADA advocates’ conversations ever since. The use of smart contracts on the Cardano network has become the holy grail for ADA fans and even skeptics.

Critics have wondered why ADA was the third largest crypto asset by market capitalization before the protocol had smart contract capabilities. Now, networks like Terra, Avalanche, Solana, Binance Smart Chain and many more are picking up speed as they already have Ethereum compatibility and smart contract benefits but have low ratings.

The source: smartcontracts.vercel.app

The data shows that at the time of going to press (September 18) 2,554 smart contracts with the Cardano protocol have been introduced, but currently these contracts are unusable and locked in the timelock contract.

Although Cardano already has smart contracts, it was basically unable to provide defi projects, dapps and other concepts such as tokenization and NFT.

Several projects are already implementing new protocols and ideas such as Cardax, Liqwid and Singularitynet. It is possible that waiting for these smart contracts had a negative impact on the ADA price.

Although the market capitalization ranks third among all existing cryptocurrencies, the statistics show a loss of more than 3% of the ADA value in 7 days and 20.5% in 14 days since the upgrade. The token is trading at $ 2.30, a 23.5% decline from its 16-day all-time high of $ 3.09.

Source: TradingView

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