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Cardano's blockchain is surging with smart contracts, and this is why

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By Augustine Mbam - - 5 Mins Read
Cardono ADA crypto coin placed in standing position; crypto graph chart displayed in background
Featured | Alexandru Nika/Shutterstock

Cardano's blockchain, known by its native token ADA, is currently experiencing a revolutionary surge due to the increasing deployment of smart contracts.

 

The platform aims to compete with established entities like Ethereum and has recently seen a significant increase in smart contract activity. This marks a crucial step towards achieving Cardano's ambitious goals.

 

So, as of January 24, the cumulative number of V1 and V2 Plutus smart contracts on Cardano reached an impressive 24,050.

 

This data, retrieved from Cardano Blockchain Insights, shows a surge of 67% from January 1, 2024, with a total count of 14,379. This indicates the platform's momentum is increasing.

The Smart Contract Boom

The surge in smart contracts not only highlights the current growth but also builds upon the expansion witnessed in 2023, when the platform added nearly 10,000 contracts.

 

This impressive growth is a testament to Cardano's commitment to fostering increased development activity and establishing itself as a formidable competitor in the blockchain space. 

 

The continuous rise in smart contracts positions Cardano as a dynamic ecosystem, attracting developers and enthusiasts alike.

 

The recent surge in smart contracts aligns with a strategic move by the Cardano team.

 

Graph showing Plutus based smart contracts on Cardano blockchain
Plutus based smart contracts on Cardano blockchain | Cardano Blockchain Insights

 

A previous report indicates that the team working on the Plutus Core language successfully executed common subexpression elimination (CSE) for Untyped Plutus Core. 

 

This implementation has led to notable improvements, with moderate and significant enhancements observed in the costs and sizes of most scripts.

 

Plutus Core, the programming language bridging the gap between smart contracts and the ultimate settlement layer of the Cardano blockchain, plays a pivotal role in optimizing the platform's overall performance.

 

With increased network development, data from Cardano builder Input Output Global (IOG) reveals that 157 projects were launched, with 1,319 projects actively being developed on Cardano as of the week ending January 19. 

Continuous Releases: Marlowe, Hydra, and Lace Wallet Upgrade

Since the beginning of 2024, Cardano has witnessed several key releases, including Marlowe and the first Hydra release of the year.

 

Additionally, an upgrade to the Lace wallet further enhances the user experience, providing a more secure and efficient means of managing ADA tokens.

Navigating Market Dynamics

Despite the increased network development activity, the price of ADA remains influenced by the general market trajectory.

 

As of now, ADA is valued at $0.52, reflecting daily gains of about 8.42%. 

 

However, the token is down by 12% on the monthly chart. The current trading pattern indicates that ADA faces support at the $0.45 level, while $0.54 remains the key resistance zone.

 

This interplay between network development and market dynamics emphasizes the intricate balance that Cardano navigates as it strives for widespread adoption and recognition.

The Future of Cardano: Smart Contracts Paving the Way

Cardano is experiencing impressive growth in terms of smart contracts, thanks to strategic optimizations and a wide range of projects.

 

This puts the blockchain in a strong position for a promising future, as it competes with established entities like Ethereum.

 

Cardano's commitment to innovation and continuous improvement underscores its ambition to become a leading force in the blockchain space.

 

The surge in smart contracts is not just a numerical milestone but a symbol of Cardano's evolution and versatile blockchain platform.

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