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Cardano developed into a smart contract platform in 2021 - what's next in 2022?



 In this article we will show you the most important developments for Cardano that took place in 2021 and take a look at what is planned for 2022.


The developers at Cardano were able to expand the blockchain into a fully functional, decentralized smart contract platform in 2021. The ecosystem based on it and its scalability should continue to develop in 2022.


2021: Cardano becomes a decentralized smart contract ecosystem

At the end of 2020, the Shelley phase of the roadmap was also completed. In 2020 Cardano developed into a decentralized and robust network with independent investment pools.


At the beginning of 2021, the first developments of the Goguen phase began , in which the ecosystem was made smart contract-enabled. As a result, chain-spanning, decentralized apps and tokenization processes (such as NFTs ) can now be developed on the platform. This means that the blockchain is currently (alongside Solana ) one of the smart contract platforms that offers a higher transaction throughput (270 vs. 15 transactions / second) and more cost-effective transactions (0.25 ADA vs. 15 USD) than the market leader Ethereum .

At the end of May 2021, the Alonzo testnet for the smart contract feature started . In addition, the founder Charles Hoskinson was already working on Cardano projects in developing countries , such as Ethiopia,

In August, the team then started the testnet for a universal ERC-20 converter bridge, with which ERC-20 tokens can be sent from the Ethereum chain to the Cardano chain . This could merge entire projects with the blockchain.

On September 12, 2021, the real Alonzo Main Net with the ERC-20 converter appeared on the market - the Cardano price reached its last all-time high shortly before that at just over 3 USD.

The project then launched ADALend, a decentralized lending platform based on the Cardano blockchain, and its own stablecoin Ardana in November . The team also began developing Cardano Layer 2 solutions such as Hydra , which can then be used to start operations between the side chains and the network itself. The scalability should benefit from the different structures and their interoperability . Finally, in December, the project launched its own decentralized exchange called ADAX.


The ecosystem not only includes stablecoins and numerous DeFi platforms, but also, for example, NFTs, lending platforms, memecoins and other marketplaces.


But not only the ecosystem itself, but also the scalability should develop further through interoperability in the basho phase of the roadmap . The first developments in this phase, such as the previously mentioned Layer 2 solutions, are already underway. So by the end of 2022 we could actually see a larger and faster ecosystem - with possibly significantly more participants. While Ethereum, with its high transaction fees, will probably have to wait for the complete switch to the proof-of-stake mechanism at the end of 2022, Cardano will be able to use a more cost-effective proof-of-stake chain and a decentralized smart contract ecosystem as early as the end of 2021 start the new year. Whether actually many (new) market participantsCardano will prefer Cardano to Ethereum as a (decentralized) smart contract platform is questionable, but the Cardano team was able to further expand its position in 2021 thanks to the development progress.

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