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Cardano adds almost 10,000 smart contracts in 2023

Cardano adds almost 10,000 smart contracts in 2023 (1)

With the integration of smart contracts functionality into the Cardano (ADA) network, there has been a noticeable surge in growth metrics, propelling the network towards competing with well-established platforms like Ethereum (ETH).

As of December 26, the Plutus smart contracts platform on Cardano hosted 14,302 smart contracts (both V1 and V2 combined). This figure reflects an impressive growth of over 200%, surging from 4,731 smart contracts recorded on January 1, according to data obtained from Cardano Blockchain Insights.

Number of ADA smart contracts as of December 26.  Source: Cardano Blockchain Insights
Number of ADA smart contracts as of December 26. Source: Cardano Blockchain Insights

Significantly, the upsurge in Cardano’s smart contract count aligns with intensified network development efforts focused on improving the feature’s functionality. Cardano reports that the team has recently concentrated on expanding script capacity with the introduction of the Plutus V2 Cost Model network upgrade.

The constant drive for improvement

According to the last report of this year, the core technology team has rolled out an update to allow teams sufficient time to adjust their components in readiness for the v9.0 release.

The Plutus team, dedicated to smart contracts, exerted efforts, resulting in notable enhancements to the costs and sizes of most scripts.

Simultaneously, the scaling team, Hydra, released version 0.14.0, enhancing the resilience of the Hydra network.

The report also highlighted vital statistics updates for the network. ADA’s total transactions surpassed 80 million, and the total number of native tokens reached 9.17 million. The report mentioned the active development with over 1,300 projects underway on the blockchain, and 153 projects have already been launched.

ADA price analysis

At the time of press, ADA was trading at $0.61, representing a 0.72% increase in the past 24 hours, contrary to the loss of -0.49% of its value over the past week, and adding to an impressive value gain of 53.66% in the past month.

ADA 24-hour price chart. Source: Finbold
ADA 24-hour price chart. Source: Finbold

Over the past year, there has been a notable surge in the price of this crypto, marking a remarkable increase of 134%. This performance positions the asset favorably against 65% of the top 100 cryptocurrencies in the same year.

Additionally, the current trading status indicates that the asset is positioned above the 200-day simple moving average, indicating a positive trend. Furthermore, the asset exhibits positive performance relative to its token sale price. In the last 30 days, the asset has experienced 17 positive gains.

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