Cardano Experiences Surge in Smart Contracts as It Continues to Upgrade and Improve
Whether you’re skiing, driving on the highway, reading a book, or playing a video game, you’ve likely encountered the concept of snowballing at some point. This concept is also applicable to Cardano (ADA) and its integration of smart contract functionality into its network.
In 2023, the Plutus smart contracts platform on Cardano hosted 14,302 smart contracts, but the number surged by 10,000 throughout the year. The trend continued and picked up pace in January and February 2024. In just the first 11 days of February, approximately 5,000 new smart contracts were created.
Plutus V2 scripts saw more growth than Plutus V1 scripts. By February 11, V2 scripts rose by 5,037 to 23,896, while V1 scripts increased by 44 to 6,400. Overall, the number of smart contracts rose by 20.17% from 25,212 to 30,296.
Cardano’s Drive to Upgrade and Improve
The surge in hosted smart contracts can be attributed to Cardano’s continuous efforts to improve its network. The platform follows a research-driven approach and focuses on scalability and interoperability. This year, Cardano plans to further develop its smart contract tools through the Plutus team and make updates to its ledger and node. It will also enhance the Cardano environment, maintain network improvements, and experiment with integrating bootstrap peers.
ADA Price Analysis
The technical advancements on Cardano have caught the attention of the crypto market. ADA token experienced significant growth in late 2023 but had a more lackluster performance in 2024. However, the recent trend shows a rise in ADA’s price. In the last week, ADA’s price increased by 7.66%, and at press time, each token is worth $0.54.
Some experts predict that ADA could rally approximately 32% based on a descending triangle chart pattern it has formed recently. Although ADA experienced a decline in the last 30 days, it has shown remarkable growth of 48.30% over the past 62 weeks.
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