According to the Vercel App, there are now over 2,200 smart contracts waiting to be deployed. Since Cardano’s debut four years ago, smart contracts have been a much-anticipated functionality, and the capability was eventually activated with the latest Alonzo hard fork.
Cardano and IOHK creator Charles Hoskinson stated Friday that the decentralized finance (DeFi) sector is now “up for grabs” now that Cardano allows smart contracts. Hoskinson predicted that the victors of the “second wave” of DeFi would have liquidity and interconnectivity, as well as the ability to transfer multi-chain and cost stability.
“We require administration, accreditation, insurance, legislation on these stuff, metadata identity… At the same moment, you must decentralize,” he stated, noting, “The way we built Cardano was for that second wave.”
GREED, a rewards token reallocating Cardano’s ADA back to holders; Liqwid, an open-source and non-custodial liquidity covenant for interest rate contours; SingularityNET, a framework that allows anyone to develop, distribute, and commercialize artificial intelligence facilities at scale; and Cardax, the Cardano-based digital currency.
Cardano will be reverse compatible with the Ethereum Virtual Machine and hopes to lure DeFi developers that want to cut back on transaction costs. Since mid-July, the value of ADA has increased by 170%, although it is now approximately 20% lower than its all-time peak of $3.09 at the beginning of the month. The price of ADA is now about $2.37.