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Cardano adds over 5,000 smart contracts so far in February

Cardano adds over 5,000 smart contracts so far in February

Whether you pick the wrong track when skiing, lose your breaks on the highway, read von Clausewitz, or play a strategy video game, the concept of snowballing is likely something you have already met at one point or another.

Additionally, snowballing is certainly something Cardano (ADA) has been experiencing for several months – particularly upon integrating smart contract functionality into its network. 

At the end of 2023. Finbold reported that the Plutus smart contracts platform – v1 and v2 – on Cardano hosted 14,302 smart contracts, meaning their number surged by 10,000 throughout the year. 

While the figures were and remain impressive, data calculated by Finbold reveals that this trend not only continued but significantly picked up pace both in January and February 2024. 

Indeed, the first 11 days of February saw half as many new smart contracts as the entire 2023 – approximately 5,000.

Plutus V2 scripts saw significantly more growth than Plutus V1 scripts, with the former starting the month with 18,859 and the latter 6,356.

Rise in Cardano smart contracts. Source: Cardano Blockchain Insights

By February 11, V2 scripts rose by 5,037 to 23,896 and v1 by 44 to 6,400. In total, the number of smart contracts rose by 20.17% from 25,212 to 30,296. 

Cardano’s drive to upgrade and improve

The surge in hosted smart contracts – and indeed, the very existence of hosted smart contracts – can be attributed to Cardano’s persistent drive to improve, in line with its broad research-driven approach and a focus on boosting scalability and interoperability. 

This year, it is set to go even further in these pursuits as it continues not only its smart contract development through the Plutus tools team but is also working to make ledger and node updates, making Cardano environment improvements and maintenance, and broader network enhancements such as with integrating bootstrap peers in an experimental branch.

ADA price analysis

The developments on the technical side of Cardano have not gone unnoticed in the crypto market. Indeed, the ecosystem’s native cryptocurrency – ADA token – experienced a significant surge in the final trimester of 2023.

In 2024, its performance was – much like the performance of the broader crypto market – more lackluster, though the most recent trend is seeing it on the rise again. In the last week, ADA’s price increased 7.66%. In the last 24 hours of trading, it is slightly – 0.58% – in the red, and, at press time, each token is worth $0.54.

ADA 7-day price chart. Source: Finbold

Recently, ADA has been forming a descending triangle chart pattern, leading some experts and analysts to predict that the cryptocurrency could soon rally approximately 32%.

Zooming out, ADA went through a 1.29% decline in the last 30 days that saw it bottom on January 29. In the last 62 weeks, however, it showed remarkable growth and rose as much as 48.30%.

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