Nearly 10K Smart Contracts Were Added By Cardano In 2023

Integrating smart contract functionality into the Cardano (ADA) network has led to a substantial increase in growth metrics, positioning the network as a contender against established platforms such as Ethereum (ETH).

As of December 26th, the Plutus smart contracts platform on Cardano accommodated 14,302 smart contracts, combining both V1 and V2. This signifies a remarkable growth of over 200%, as per data sourced via Cardano Blockchain Insights. Notably, the surge in the smart contract count for Cardano corresponds with intensified efforts in network development aimed at enhancing overall functionality.

Cardano continues its development

Cardano reports that the team has focused on expanding script capacity through the introduction of the Plutus V2 Cost Model network upgrade. The continuous pursuit of improvement is evident in the year-end report, where the core technology team implemented an update to provide ample time for teams to adapt their components in preparation for the V9.0 release.

The Plutus team, dedicated to smart contracts, also achieved noteworthy improvements in the costs and sizes of most scripts. Concurrently, the scaling team, Hydra, unveiled version 0.14.0, reinforcing the resilience of the Hydra network.

In addition, the reports underscore key updates in network statistics, with the total transactions of ADA surpassing 80 million, and the total number of native tokens reaching 9.17 million. The reports also note active development, with over 1,300 projects in progress on the blockchain, and 153 projects already launched.

A serious contender

Analyzing the price of ADA, it is currently trading at $0.61, reflecting a 0.72% increase in the past 24 hours. This contrasts with a 0.49% loss over the past week but contributes to an impressive gain of 53.66% in the last month. Over the past year, ADA has experienced a notable surge, marking a remarkable increase of 134%, positioning the asset favorably against 65% of the top 100 cryptocurrencies in the same period.

Additionally, the current trading status indicates that the asset is positioned above the 200-day simple moving average, signaling a positive trend. Furthermore, the asset demonstrates positive performance relative to its token sale price, with 17 positive gains in the last 30 days.