Data in real-time shows that there are currently more than 3000 smart contracts locked in a time lock contract. Although developers cannot access them because they are currently locked, once access is granted, the market is poised to record a once-in-a-lifetime experience. The new record comes not long after the successful implementation of the Cardano Alonzo hard fork.
Despite the price of ADA stumbling, the new development is good news for the weeks ahead. However, there is still a truckload of work to be done before the unlocking is complete. The deployment of decentralization applications (dApps), as well as Decentralized finance products (DeFi), amongst many other projects, must first be completed. Once this is done, the price of ADA might also begin to correct as developers awaiting the deployment might have also impacted the dwindling price of ADA at the moment.
Marek Mahut who founded the Five Binaries and ran the first smart contract on the Cardano network some days ago listed out the major features that developers should expect.
“Safety and scalability are major features for any developer. Cardano’s accounting technology, eUTXO, provides a novel approach, which makes writing secure smart contracts easier.“
He further added that the main goal of the network is to remain focused on fundamentals. He explained that this has been the same driving force behind the network since its conception.
Recall that ADA has since struggled to reclaim $3 since the market sell-off. Within the last 7 days, ADA has lost nearly 10% of its gains. The price is now at $2.35. With the increasing discourse about smart contracts, an ADA price recovery is certainly inevitable.
The future of Cardano is becoming even more promising, as its founder recently gave an insight into what he expects in the coming year.
“This time next year, there will be useful, and in some cases, life-changing, decentralized applications running on the system which will transform the lives of millions to billions of people throughout the next decade.”
He also goes over the significance of the attained milestone which took three years, noting that it is one for the academic books while adding that Cardano is to him, the most advanced Blockchain in the world.
“This is also a triumph for science. We set out to build Cardano using a first-principles approach, asking fundamental questions, publishing academic papers, and following the peer review process. That diligent approach has delivered the world’s most robust, advanced blockchain, designed to underpin the world’s systems for everyone everywhere.”
