Cardano’s Smart Contract Ecosystem Thrives

The incorporation of smart contract capabilities into the Cardano (ADA) network has resulted in a discernible upsurge in growth metrics, thereby enabling the network to contend with firmly established platforms such as Ethereum (ETH).

As of December 26th, 14,302 smart contracts (comprising V1 and V2) were hosted on the Plutus smart contracts platform on Cardano.

The quantity mentioned above represents a remarkable expansion of more than two hundred percent, surpassing the 4,731 smart contracts documented on January 1, as reported by Cardano Blockchain Insights.

Precisely, the increase in the number of smart contracts on Cardano corresponds to heightened endeavors in network development that aim to enhance the functionality of the feature mentioned above.

As of September 27, just five days after the activation of the Vasil upgrade, the Plutus V2 Cost Model network upgrade was deployed on the Cardano mainnet, representing a recent effort by the team to increase script capacity, according to Cardano.

As per the most recent report of the year, an update has been implemented by the core technology team to provide adequate time for teams to modify their components in preparation for the v9.0 release.

The smart contract-focused Plutus team exerted considerable effort, which resulted in significant reductions in the cost and size of most scripts.

Concurrently, an update 0.14.0 was published by the scaling team, Hydra, which aimed to improve the robustness of the Hydra network.

The report also emphasized updates to critical network statistics. The number of native tokens surpassed 9.17 million, and the total volume of ADA transactions exceeded 80 million.

The report noted that the blockchain is undergoing active development, with more than 1,300 projects in progress and 153 projects already being launched. As of press time, the price of ADA was $0.61, reflecting a 24-hour increase of 0.72%.

This contrasts with the -0.49% decline in value observed over the previous week and further contributes to the noteworthy 53.66% increase over the past month.

The price of this cryptocurrency has experienced a significant surge of 134% over the previous year. In the same year, this performance places the asset in a favorable position relative to 65% of the top 100 cryptocurrencies.

Furthermore, a positive trend is indicated by the asset’s current trading status, which suggests that it is positioned above the 200-day simple moving average.

Again, regarding the token sale price, the acquisition demonstrates a favorable performance. Over the past thirty days, the asset has gained seventeen percent.