Cardano Blockchain Records 100% y-o-y Increase in Smart Contract Deployment November 29, 2022 November 29, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsNovember 29, 2022 by Kelly Cromley

Cardano Blockchain Records 100% y-o-y Increase in Smart Contract Deployment

In spite of the bad market, the count of smart contracts implemented on the Cardano ($ADA) blockchain network has increased by over 300% since the beginning of 2022. Finbold writes that, as per statistics from Cardano Blockchain Insights, there were 947 Plutus smart contracts hosted on the Cardano blockchain at the start of 2022. This number has now surpassed 3,790 while preparing this report.

Plutus, for your info, is the “smart contract platform of the Cardano blockchain,” which enables users to “build apps that communicate with the Cardano blockchain.”

The count of smart contracts on Cardano blockchain topped 1,000 in January 2022, after the value of ADA skyrocketed in 2017 due to the release of the long awaited Alonzo hard fork, which introduced smart contracts to the network and allowed it to rival other blockchains including the BNB Chain ($BNB), Ethereum ($ETH), and Solana ($SOL)

As reported by CryptoGlobe, Cardano topped 3,000 smart contracts in August 2022 after implementing roughly 100 smart contracts every month. In recent weeks, Cardano’s engineers have expanded script capacity, completed the Plutus Debugger MVP, and implemented complete Babbage capability for the Plutus toolset. In an effort to assist newcomers in learning more regarding decentralized apps on the blockchain network, programmers have developed a Plutus reference website for others. In the aftermath of FTX’s demise, the Cardano blockchain network has reportedly seen the count of wallets on it increase by over 100,000 in November.

With the introduction of its initial stablecoin, Cardano has just hit a fresh landmark. The Cardano blockchain network is producing more stablecoins. EMURGO, the business division of Cardano, revealed the launch of its unique dollar-backed stablecoin, USDA, earlier in November. USDA is the “initial completely fiat-pegged regulatory compliant stablecoin in the Cardano ecosystem.”

At the end of November 25, there were about 1,146 Cardano-powered projects, as per the most recent Cardano Weekly Report by Input Output Global. The study indicated that there were 6.9 million crypto tokens on the cardano blockchain network, which had been used to execute more than 55,300,000 trades.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.