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Cardano network adds 5 smart contracts daily as Vasil upgrade edges closer

Cardano network adds 5 smart contracts daily as Vasil upgrade edges closer

Since the Cardano (ADA) network reached 3,000 smart contracts at the start of August, the decentralized finance (DeFi) network has shown no signs of slowing down.

In fact, Cardano, over the last month, has onboarded five new Plutus Scripts (a Cardano-based smart contracts platform) daily, going from 2,927 on July 20 to 3,092 on August 18. The figures represent an increase of 165 smart contracts in 30 days, according to data acquired by Finbold using statistics from Cardano Blockchain Insights.

Furthermore, since the start of August, Cardano added up to 90 smart contracts, which averages at five new additions daily.

Cardano smart contracts July 20 to August 18. Source: Cardano Blockchain Insights

With the latest Vasil hard fork on the horizon, the network continues to see the benefits of the Alonso update in September 2021, which included the incorporation of smart contract functionality, making the blockchain capable of being faster and more scalable, as well as providing a DeFi application development platform and programmability to the developer community.

Vasil hard fork upgrade

After reassuring the crypto community that the Vasil hard fork wouldn’t be delayed any longer, Cardano founder Charles Hoskinson gave another update to the highly anticipated network upgrade.

After checking out nodes v.1.35.1 and v.1.35.2, Hoskinson concluded that “Vasil is looking good,” adding that he was “pretty happy with v. 1.35.3.” referring to the node that he believes could be the final version for the hard fork.

Hoskinson also added that the “testers are pretty happy with it as well,” discovering no major issues that would derail the process.

However, the Cardano founder admitted that:

“It’s easy to get lost in the forest and not really understand the broader implications and themes of things. The ship is steady, and that’s what a cryptocurrency should be, and that’s what a blockchain ecosystem should be.”

Finally, as things stand, the native token of the Cardano network is trading at $0.465, down by 13.8% on the day, according to CoinMarketCap data retrieved by Finbold on August 19.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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