Smart contracts have finally arrived for Cardano (ADA) as of September 12, soon after the Alonzo hard fork was launched. Developers can now create their dApps and provide them to users on the network.
The smart contract platform for Cardano is called Plutus Platform, and it was part of the Alonzo hard fork successfully completed on September 13. In just 24 hours, Alonzo saw over 100 smart contracts created, signalling developers’ hype for creating dApps on the network. But the hype didn’t stop there; at the time of writing, the Vercel app showed 2,334 smart contracts were ready to be launched.
This upgrade is the culmination of six years of hard work with some of the brightest minds in blockchain and beyond. The focus is now on improving the platform further and ensuring that Cardano is adopted by corporations and governments.
Charles Hoskinson, IOHK founder
DeFi is ‘Up for Grabs’, Says Hoskinson
Now that Cardano supports smart contract programmability, founder Charles Hoskinson has said that DeFi is now “up for grabs”. Cardano was built for the second wave of DeFi, as he calls it, which will see the ecosystem having liquidity, interoperability, and cross-chain and multi-chain capabilities.
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. We need governance, we need certification, we need insurance, we need regulation on these things, metadata identity … at the same time, you need to decentralise. The way we constructed Cardano was for that second wave.
Charles Hoskinson
ADA Skyrockets Amid Alonzo Hard Fork Launch
The addition of smart contract programmability – integrated as part of the Alonzo hard fork – catapulted ADA to US$3 per coin. Cardano rose nearly 10 percent, marking its all-time high to US$3.09, just a day after Hoskinson announced the Alonzo update.
With so much hype going on, we could soon see Cardano become the alternative blockchain for developers and the main host for NFTs, decentralised applications, with more technology and financial projects coming to the platform.
Further information will be provided at the 2021 Cardano Summit on September 25-26, which will host speakers from the World Economic Forum, Southbank, and Financial Times to discuss how Cardano could be integrated as a de facto operating system for supply chains, global financial corporations and governments.
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