There are now more than 200 smart contracts that have been listed on Cardano’s blockchain after the Alonzo upgrade that was launched early in the week. However, the contracts listed currently are in “time lock” and are not available for use by developers until they are officially released. According to the data behind the Vercel App, there are already more than 2,200 smart contracts ready to be launched on the network.
Cardano’s ability to deploy smart contracts has been in the works for nearly four years, with users awaiting the feature since the blockchain was launched in 2017. The new upgrade, the Alonzo hard fork, marks the first opportunity for developers and users to take advantage of smart contracts.
According to the founder of the blockchain and Internet Output Hong Kong (IOHK), Charles Hoskinson, there is available space in the world of decentralized finance (DeFI) ready for use with Cardano’s new smart contract support.
With cryptocurrency regulation and legality cracking down in some countries and opening up in others, Hoskinson said:
“We will see over the next few months to years, some form of a crackdown. [That] means that the next generation of DeFi is up for grabs. The winners of the future in the DeFi space are going to have liquidity and interoperability, the ability to move multi-chain.”
The need for regulation with Cardano’s new upgrade and DeFi booming
Hoskinson also stated that there is a need for regulation in the industry, with room for security and protection but with decentralization at the core of it. The Cardano founder offered that he sees the next wave in the industry and expanded features through blockchain technology will bring in the right elements to tackle regulation while offering decentralization. As he noted:
“We need governance, we need certification, we need insurance, we need regulation on these things, metadata identity… at the same time, you need to decentralize. The next wave of [DeFi] will do that with a straight face and will be significantly harder to regulate in a traditional sense. The way we constructed Cardano was for that second wave.”