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The Cardano (ADA) network has seen tremendous growth since the addition of the smart contracts capability, bringing it closer to competing with established platforms like Ethereum.
There were 3,791 smart contracts built on the Plutus platform as of November 26. After registering 947 smart contracts on January 1, the value reflects an increase of 300%, or 2,844, in 2022, according to data gathered from Cardano Blockchain Insights.
Notably, the surge of Cardano smart contracts comes after more network development aimed at improving the feature’s usability. Cardano claims that the team has been concentrating on expanding script capacity, the Plutus Debugger MVP, as well as completing the spread of implementation of full Babbage support in the Plutus tools before its release.
Additionally, Cardano just unveiled its Plutus DApp developer resource page. With the new functionality, developers may learn how to create decentralized applications (DApps) using Plutus smart contracts while newbies can gain knowledge of decentralized applications (DApps).
It is important to note that since the platform’s formal launch of the Vasil hard fork upgrade on September 22, the number of Cardano smart contracts has increased. The hard fork aims to increase the scalability of the decentralized finance (DeFi) network.
It’s interesting that despite initial worries over Vasil’s effect on the functionality, the smart contract has grown. In this instance, the neighborhood believed that the upgrade would impair the functionality of the smart contract.
Charles Hoskinson, the founder of Cardano, pointed out that the team had made the appropriate preparations to guarantee that smart contracts are compatible with the adjustments, obviating the need for re-writing.
In fact, Cradano’s chain development has been essential to the network’s rising popularity, in addition to smart contracts. Notably, the team has concentrated on expanding the Lace wallet and enhancing the foundational technology of Cardano. The Cardano Foundation provided an overview of its goals and planned improvements for 2023.
The aftermath of the FTX crypto exchange collapse, which devastated the cryptocurrency market, is still having an impact on the price of ADA. The token had lost roughly 1% over the previous 24 hours as of the time of publication, trading at $.32.
According to the Cardano community, the value of ADA will be driven by ongoing network development activities because of anticipated adoption. The community made this prediction using price estimates featuring ADA price might end 2022 on high to trade at an average price of $0.41.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
