The Growing Smart Contracts Ecosystem on Cardano
Cardano’s integration of smart contracts has led to significant growth in its network, positioning it as a competitor to established platforms like Ethereum. The Plutus smart contracts platform on Cardano currently hosts 14,302 smart contracts, marking a growth of over 200% from the beginning of the year.
This surge in smart contract count is a result of Cardano’s focus on improving the functionality of its smart contracts. The team has been working on expanding script capacity with the introduction of the Plutus V2 Cost Model network upgrade.
The Constant Drive for Improvement
The core technology team behind Cardano has rolled out updates to allow teams sufficient time to prepare for the v9.0 release. The Plutus team dedicated to smart contracts has made notable enhancements to the costs and sizes of most scripts. Additionally, the scaling team Hydra has released version 0.14.0, improving the resilience of the Hydra network.
The network also boasts impressive statistics, with over 80 million ADA transactions and 9.17 million native tokens. There are currently over 1,300 projects underway on the blockchain, with 153 projects already launched.
ADA Price Analysis
Currently trading at $0.61, ADA has experienced a 0.72% increase in the past 24 hours and a significant value gain of 53.66% in the past month. Over the past year, ADA’s price has surged by 134%, outperforming 65% of the top 100 cryptocurrencies.
Furthermore, ADA is positioned above its 200-day simple moving average, indicating a positive trend. It has also seen consistent positive gains in the last 30 days relative to its token sale price.
Hot Take: Cardano’s Growth and Potential
Cardano’s growth in smart contracts and network development efforts position it as a strong contender against established platforms like Ethereum. With the continuous drive for improvement and the increasing number of projects on the blockchain, Cardano is poised for further success in the crypto market. Additionally, ADA’s impressive price performance reflects investor confidence and potential for future growth.
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