Despite the crypto crash, competition in the DeFi sector continues! If Ethereum is still in a strong position in this area, other blockchains called “Ethereum killers” plan to catch up. This is the case of an example of Cardano…
Development of smart contracts on the Cardano blockchain
Like Ethereum or Solana, Cardano is a blockchain designed to develop decentralized applications (dApps). In concrete terms, this means that the software blockchains (known as “virtual machine”) allow read and execute dApps smart contracts.
Cardano was slow to be able to meet smart contracts. In fact, the first contracts for Cardano only go back to September 2021. This feature was made possible by the deployment of the Alonzo update on the Cardano blockchain. More than 10 months later, what about it?
According to data provided by Cardano Blockchain Insights, the Cardano blockchain would bring together approximately 2,900 smart contracts as of July 11, 2022. For contextualization, it should be noted that at the end of December 2021, more than 900 smart contracts were available. an Cardano.
Cardano is still far behind Ethereum, but in full development
Thus the number of smart contracts on the Cardano blockchain is increasing. However, you should know that this figure is still very, very low compared to Ethereum. Think of one digit for the chasm between the two blockchains in terms of smart contracts. In the first quarter of 2022, the Ethereum blockchain welcomed 1.4 million new smart contracts!
To qualify this distinction, it must be borne in mind that Cardano was a crypto created 3 years after Ethereum. However, 3 years in such a nascent field of crypto, it’s an abyss!
But Cardano developers would be wrong to discourage the Ethereum ogre. In fact, many specialists are of the opinion that in the long run, there will be a number of blockchains together in the DeFi sector. In other words, there may be space for everyone (or almost…).
Then Cardano has a well-crafted roadmap that provides for many improvements. Therefore, new an important update called Vasil expected in late July. This development is part of phase 3 of the development known as “Goguen” and is dedicated to smart contracts. In fact, it is a hard fork that will increase the number of transactions while reducing costs.
“It simply came to our notice then. And the whole community is involved. As previously stated, our main concern is to ensure that we handle this update in a safe and secure manner. »Charles Hoskinson, Creator Cardano