Smart contracts became a reality on the Cardano network after September 12th. After the launch of Alonzo Hard Fork, developers could now start creating smart contracts on Cardano ecosystem. This would help developers create decentralized applications (DApps) to provide decentralized financial services (DeFi) to blockchain users.
With the number of smart contracts created on the Cardano, there is no doubt that we will see an influx of new decentralized apps on the network. Cardano team has said that they are helping developers bring their projects to life on the platform, by making the Cardano ecosystem as safe and developer-friendly as possible.
On the first day after the introduction of smart contracts on cardano, over 100 smart contracts were created in the first 24 hours. That number in itself was impressive. But the following days have shown an even accelerated schedule for creating these smart contracts. Thursday September 16 marks the fourth day after the Alonzo HFC and the current number of smart contracts on the network is now above 40,000 according to data provided by adapools.org.
While most of these smart contracts are not going into effect now, developers are creating them to lock their tokens before their decentralized applications are released. It shows the number of developers are already working on to bring their projects into the Cardano ecosystem. With the rise of decentralized finance, more and more people are moving away from other leading smart contracts platforms in favor of a cheaper and faster alternative like Cardano, it is expected that more protocols will adopt ADA smart contracts.
Currently, these smart contracts are in a timelock contract that locks them down for a specific period of time until developers are ready to use them. This gives the developers the time they need to develop their protocols while having their smart contracts secured in advance for their use.