Will Cardano’s smart contracts ever be as well-known as Ethereum’s?
Cardano has long been hailed as a ‘Ethereum killer’ blockchain, owing to its superior scalability, reduced transaction costs, and mathematical approach to cryptocurrency.
This has resulted in developers migrating to Cardano and developing smart contracts on its ‘Plutus’ development platform, prompting many to wonder if Cardano can compete with Ethereum.
Coin Rivet investigates if Cardano smart contracts, which are in in their infancy, can ever compete with Ethereum’s entrenched supremacy.
Smart contract deployment
The amount of smart contracts deployed and produced by development teams on each blockchain is the first indicator to evaluate.
Since September, development on the Cardano network has witnessed tremendous increase, indicating that it is gaining appeal among developers.
Following September’s Alonzo update, there are presently 929 smart contracts running on Cardano’s mainnet, the majority of which are focused on DeFi.
Developers may now implement DeFi protocols such as DEXes and lend/borrow platforms on the Cardano blockchain thanks to Alonzo.
Despite growing research on Plutus and rising interest in the Cardano ecosystem, Ethereum remains the undisputed leader in smart contract implementation.
Because of its established infrastructure and market-leading attraction to developers, Ethereum has maintained exceptional deployment figures throughout the year.
After reaching a high of 2.5 million contracts deployed in June, Ethereum has seen over 900,000 contracts deployed since September, when Cardano smart contracts were initially released.
This translates to a nearly 1,000-fold increase in the number of smart contracts implemented on Ethereum.
Total value locked
The total value locked (TVL) of both blockchains is the second measure to evaluate.
TVL may be used to calculate how many smart contracts are in use and how many assets are locked into DeFi platforms via contracts.