Cardano network was able to scale and perform at a faster rate than ever before after a big update in September 2021 that included the addition of smart contract capability.
The upgrade has resulted in tremendous growth for Plutus (a Cardano-based smart contract platform). Most importantly, the network has only recently begun to pick up speed, with more than 100 smart contracts being added in as little as two days.
The number of smart contracts on the network increased by 116 between January 30 and February 1, increasing the total number to 1,127 as of the first day of February. It’s worth noting that the number of smart contracts continuously increased until it hit 1,000, after which it had its largest-ever increase.
The graph displays actual Plutus-based smart contracts that are running on the Cardano blockchain. The Alonzo upgrade was applied on September 12, 2021, and these smart contracts were live on the blockchain as part of the hard fork event. Cardano provides a platform for developing decentralized financial apps with the upgrade, as well as making it more programmable for the developer community.
Despite the fact that the Cardano ecosystem has experienced several major network upgrades, the implementation of smart contracts was a watershed moment. Despite the fact that the Cardano ecosystem has experienced several major network upgrades, the implementation of smart contracts was a watershed moment.
It’s vital to remember that developer acceptance of Cardano and the amount of decentralized apps (dApps) linked to the network are both important variables in determining the blockchain’s viability.
Finbold recently published a list of 11 ways Cardano plans to scale in 2022, which is pertinent given Cardano’s emphasis on users and developers being prepared for roadblocks, particularly in the early phases of the project’s development.
According to CoinMarketCap statistics, ADA is currently trading at $1.06, down 0.47 percent in the last 24 hours and up 1.25 percent in the previous week, with a total market capitalization of $35.6 billion.
In other news, the Tezos (XTZ) network is seeing tremendous growth in terms of smart contract addresses and total active addresses.
The network appears to have profited in particular from an influx of investors attracted to the network’s constant enhancements aimed at mainstreaming blockchain technology.
Between January 2021 and January 2022, the number of Tezos smart contracts more than tripled, from roughly 200 to over 600.
The growing number of smart contract addresses indicates that the booming non-fungible token (NFT) market and support for blockchain games are causing increased activity inside the Tezos ecosystem. In addition, the rise has been paralleled in the number of Tezos active addresses, which has surpassed 45,000 as of January 2022.