Smart Contract Surge on Cardano Coincides with Optimizations in Plutus Core

• The Cardano (ADA) network demonstrates robust growth in smart contract deployment, with a cumulative count of V1 and V2 Plutus smart contracts.
• Cardano co-founder Charles Hoskinson also expresses high optimism for Cardano’s growth in 2024, emphasizing the ongoing transition into the “age of Voltaire”.

The Cardano (ADA) network continues its upward trajectory in the deployment of smart contracts, positioning itself as a formidable contender against established platforms like Ethereum (ETH).

As of January 24, the cumulative count of V1 and V2 Plutus smart contracts on the Cardano blockchain has surged to 24,050. This noteworthy figure signifies a remarkable growth of 67%, equivalent to 9,671 contracts, from January 1, 2024, when the count stood at 14,379. This data, sourced from Cardano Blockchain Insights, underlines the platform’s sustained momentum in smart contract adoption.

The recent surge in smart contract deployment follows the platform’s substantial growth in 2023, during which it added nearly 10,000 contracts. This expansion aligns with heightened development activity on Cardano, contributing to its evolving position in the competitive landscape of blockchain networks.

The recent upswing in smart contract deployment aligns with an earlier report detailing optimizations in the Plutus Core language. The development team executed common subexpression elimination (CSE) for Untyped Plutus Core, a move that has brought about significant improvements on the Cardano platform.

Following the implementation of CSE, notable enhancements have been observed in the costs and sizes of most scripts. It’s essential to underscore that Plutus Core plays a pivotal role as the programming language bridging the gap between smart contracts and the ultimate settlement layer of the Cardano blockchain.

Cardano Chief Bullish for Growth in 2024

Charles Hoskinson, co-founder of Cardano, has expressed high optimism for the year 2024, foreseeing remarkable growth within the Cardano ecosystem.

During a YouTube broadcast on Saturday, Hoskinson shared insights on the unique and promising nature of the ongoing year, emphasizing its potential as a pivotal period for the Cardano blockchain. He said:

“2024 is going to be a great year for Cardano. 2023 was actually a great year, all things considered -how much progress we made and how many things we thought through and did. This year, we’re just getting started.”

The focal point of Hoskinson’s optimism revolves around the ongoing transition into what he refers to as the “age of Voltaire.” Named after the influential French writer and philosopher, this marks the fifth and final stage of the Cardano development roadmap.

Hoskinson elaborated on the key pillars of Voltaire, emphasizing democratic consent as the first pillar. This involves the implementation of an on-chain governance system, such as DS (Decentralized Software Development) and the Constitutional Committee.

The second pillar underscores the role of institutions like the Cardano Foundation, simplifying blockchain complexity, with plans for community validation by year-end through democratic consent. The third pillar centers on constitutional representation, prioritizing users’ fundamental rights and focusing on principles like a deflationary monetary policy and inclusive accountability.

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