Cardano Crosses 1,000 Smart Contracts

• In September of the previous year, Cardano network went through a critical update that involved smart contract serviceability, escalating pace and scalability of ADA.
• Noteworthily, smart contracts addition on Cardano was a prime moment for the ecosystem of Cardano, despite other network updates.
• As of this writing, ADA was trading at a market price of $1.02, bearish by 2.12% in previous 24 hours.

Milestone Reached

Back in September previous year, the ADA network went through a core update involving the operability of intelligent contracts, improvement in tempo and scalability of the ADA network.

Since then, an innovative contract platform based on Cardano, Plutus, has seen a prominent growth in number of smart contracts crossing the 1k mark in just 4 months. As of 27th January, the total Plutus scripts was standing at 1003, on ADA network.

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Specifically, the graph mirrors actual smart contracts based on Plutus, operating on Cardano network, which became active on ADA during the update of Alonzo back in September, 2021.

This update allowed Cardano to offer DeFi apps development platform while providing devs community access to programmability.

Cardano Updates

It is worth noting that intelligent contracts addition, was a core moment to the ecosystem of Cardano, in spite of numerous other updates in the network.

It should be mentioned that devs adoption of Cardano network and many dApps, linked to network are vital in determining blockchain’s success.

11 ways ADA is making strategies in 2022 were highlighted by Finbold lately, given that, Cardano has already altered users regarding fluctuations on the way ahead, especially during the initial period of development.

Cardano Succoring Mammoth Blockchain Load

Apart from that, on 22nd January, Cardano network experienced a bulk load on its blockchain, reaching its peak of 94.49%. In addition, this colossal load on Cardano blockchain, has remained constant for more than a week now. Initially, the system has attained and sustained this kind of load on blockchain. 

Usually, the inclusion of smart contract operability, has provided an escalation in network activity, as it is visible in a number of statistics.

Consequently, Cardano attained an escalated volume and more than 500X cheaper fees, in early January than its contender Ethereum while considering the adjusted volume.

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ADA’s Core Success Components

Stability of network and swifter transactions are a couple of components contributing to Cardano’s success, and it is concentrating equally on both aspects. That’s one of the reasons to stay affirmative regarding Cardano’s future.

If Hydra and network development remain progressive, ADA can see a surge in its value and might reach $3, which is a 186% gain. It’s not that big an escalation, in contrast to previous year’s performance. And utilizing a present quantity of circulating coins, would lift market capitalization to around $100 Billion, which is entirely possible.

When this article was written, bears had control over ADA, down by 2.12%, trading at a market price of $1.02.

Disclaimer

All views given by the author in this article are purely for informational purposes and not for inducing mentality among people to invest in cryptocurrency. Readers must do their research before investing in the market. We are not responsible for any losses borne by investors.