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Since the network has deployed the smart contract on the blockchain network, many project developers are approaching the Cardano network
In September 2021, the Cardano blockchain network saw a major upgrade; since then, the blockchain ecosystem has continued to see significant growth in terms of both updates and, eventually, new features and buyers’ interest. Among the network’s achievements is the adoption of a number of smart contract projects added to the Cardano decentralized network.
According to Finland’s acquired data, a Cardano based smart contracts platform, Plutus, has witnessed a huge and dramatic growth in the number of smart contracts between the time period 8th April to 8th May. During the period of almost one month, the largest proof of stakes blockchain network has reported adding about 283 new smart contracts that went from 2,400 in April to about 2,683 in May.
In other words, Cardano had been working towards adding more than 70 new smart contracts on an average every week between both dates, as the data shows from Cardano Blockchain Insights. The graph specifically represents the number of smart contracts based on the platform Plutus script runs on Cardano. Smart contracts initiated to go live on the network following the deployment of the most anticipated Alonzo upgrade that launched in September 2021 as a hard fork event.
The development in the Cardano network has come as it is preparing for the Vasil hard fork, which is the next hard fork event of the network, which is scheduled for June 2022. The network aims to grow the protocol and significantly increase its transaction throughput, volume, and liquidity.
The network in April reached a number of important milestones that included adding about 400 new projects developing on ADA and somewhere around 100,000 wallets in just one month, which resulted in an increment of the total number of ADA wallets to about 3 million in February. In the meantime, Cardano has been following the bearish trend recently as the rest of the crypto market is doing.
Its current price is about $0.6683, which came after a drop of more than 10% in just 24 hours and more than 13% in a week. While at the same time period, the market capitalization of the smart contracts enabled network cryptocurrency ADA, standing at about $22.6 billion, which makes it the eighth largest crypto asset in the whole crypto market.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
