Cardano's smart contract count has surpassed 2,200.

Only four days after the upgrade, the Cardano blockchain's smart contract count has surpassed 2,200, according to the vicel app. These contracts, however, will not be deployed immediately, and developers are only storing them on the blockchain in advance for use with the launch of their Dapp. This, in turn, demonstrates the demand for the Cardano blockchain. The blockchain is seeing a significant increase in development activity as a result of a new architecture that prioritizes scalability and security.

                               

Cardano faced a lot of criticism and trolling for delaying the Alonzo upgrade, and many people even bet against the smart contract possibility on the blockchain this year and lost. However, the developers were able to complete everything on time and as planned.

As regulatory scrutiny on the defi market has increased, Cardano founder Charles Hoskinson believes the blockchain is well positioned for the second wave of defi. Hoskinson stated in a recent interview that the upcoming crackdown wave will be very similar to the ICO-era crackdown in 2017. According to him, Defi market is open for business, and that only those Defi protocols with liquidity and interoperability, features would lead the second wave of Defi.

Hoskinson, Charles Cardano Is Expected to Lead the Second Wave of Defi

While development activity on the Cardano blockchain is increasing, the price remains stable at around $2.50. The bullish momentum in the $ADA price began in August, along with the rest of the crypto market, and it managed to see a 2.5X increase in price to a new ATH of $3.10. However, the recent crypto market flash crash wiped out the majority of its gains, and it is now trading at $2.41. Increased development activity and rising demand could provide the bullish momentum required for the altcoin to break through $2.50 and retest all-time highs.