Cardano's Smart Contract Surge

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23 March, 2024, 04:02
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Cardano Thrives Amid Crypto Downturn: Smart Contract Development Surges 170% YTD

Despite the recent downturn in the broader cryptocurrency market following Bitcoin's all-time high, Cardano (ADA) has seen a remarkable surge in smart contract development. Data from Cardano Blockchain Insights indicates a significant increase of over 170% in Plutus scripts, the language used to build smart contracts on the Cardano network, since the beginning of the year.

Key Insights:

Smart Contract Development: The number of Plutus scripts on the Cardano network has surged by over 170% year-to-date, with nearly 500 new smart contracts being added daily. The total number of smart contracts now stands at an impressive 39,000, with a notable emphasis on the newer Plutus V2 iteration.
Plutus V2 Adoption: While there has been a modest 2.2% increase in Plutus V1 scripts since January 1, Plutus V2 scripts have skyrocketed by over 300% during the same period, totaling 32,897. This translates to an average daily addition of 495 new smart contracts, with a majority being Plutus V2.
Features of Plutus V2: Plutus V2 offers additional features and benefits for developers, including reduced transaction sizes and costs, along with a more flexible and scalable framework for building applications. The focus remains on security and reliability, drawing on principles from functional programming.
User Activity Surge: In addition to smart contract development, Cardano has witnessed a significant rise in user activity over the last 30 days. The number of active wallet addresses has reached a one-year peak of over 600,000, surging nearly 40% over the same period.
Decentralized Exchange Data: Data from Cardano-based decentralized exchange Danogo reveals a surge in active wallet addresses, reaching a peak of 297,000 back in September 2023. This growth coincided with a wider cryptocurrency market rally triggered by the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States.

Conclusion:

Cardano Executes First Legally Enforceable Smart Contract in Argentina: Blockchain Milestone

Despite the recent downturn in the cryptocurrency market, Cardano's smart contract development continues to thrive, with a significant surge in Plutus scripts and user activity. The adoption of Plutus V2 and the growing number of smart contracts reflect the network's commitment to innovation and scalability. Cardano's resilience amid market volatility underscores its potential as a leading smart contract platform in the blockchain ecosystem.