The Cardano (ADA) network underwent a major upgrade in September 2021. The upgradation includes smart contract capabilities, allowing for faster and more efficient transaction processing. Even though the drop in Cardano’s value is in 2022, the network’s progress and expansion continued in 2023.
The Vasil hard fork was crucial in establishing Plutus Scripts, an innovative contract platform based on Cardano. The number of smart contracts on the network surpassed 4,000 by December 3 and has continued to increase. The smart contract numbers reached 5,000 as per data from Cardano Blockchain Insights.
As of February 3, the number of smart contracts running on Cardano created using Plutus has reached 5,006.
It is noteworthy that the Cardano network achieved 1,000 smart contracts on January 28, 2022. In just over a year, the number has skyrocketed to 5,000. Such growth became mainly possible due to the creation of 4,000 additional contracts using Plutus.
Related Reading | What Is Cardano ADA?
Additionally, the Alonzo upgrade allowed to establishment decentralized finance application development platform, providing programmable capabilities to developers. The integration of smart contracts was a pivotal moment for the blockchain industry, even though the network had undergone previous enhancements.
It is noteworthy that the Cardano foundation reported on February 3 via Twitter that their on-chain data from January indicated “a rise in transactions utilizing smart contracts and metadata.
By February 2023, Cardano had secured the second position among the top smart contract cryptocurrencies by staking market capitalization, valued at $10.4 billion.
It is noteworthy that the Cardano team has recently been working diligently to increase script capacity and finish the Plutus Debugger MVP. The team efforts guarantee the full implementation of Babbage support in the Plutus tools before its official launch.
About Cardano (ADA)
Cardano is a decentralized public blockchain and digital currency initiative that prioritizes security and scalability for the creation/execution of smart contracts and decentralized applications (DApps). Established in 2015 by Charles Hoskinson, a co-founder of Ethereum, and maintained by the Swiss non-profit organization Cardano Foundation.