Categories: Crypto NewsNews

The number of Cardano smart contracts deployed approaching a new high

Published by
Nonhlanhla P Dube

The number of smart contracts deployed on the Cardano ($ADA) network is approaching a new high, as developers work more on the cryptocurrency as its ecosystem grows and the decentralized finance (DeFi) market expands.

According to Cardano Blockchain Insights data, which was first reported by Finbold, there are currently a total of 2,90 Plutus-based smart contracts implemented on the cryptocurrency’s network, putting it within 100 smart contracts of the 3,000 mark.

Plutus is the “Cardano blockchain smart contract platform,” allowing users to “write applications that interact with the Cardano blockchain.”

Cardano’s smart contract count surpassed 1,000 in January of this year, following the release of the widely anticipated Alonzo hard fork last year, which brought smart contracts into the network, allowing it to compete with other blockchains such as the BNB Chain ($BNB), Ethereum ($ETH), and Solana ($SOL).

The Alonzo hard fork is part of the network’s “Goguen” phase, named after Joseph Goguen, a computer science professor at the University of California and Oxford. The network is now preparing for the Vasil hard fork, which is expected to result in “massive performance improvement.”

The Vasil hard fork is a significant improvement that will include four Cardano Improvement Proposals (CIPs). ADA has already outperformed multiple other cryptocurrencies after the hard fork, despite a broader cryptocurrency market decline worsened by the Terra ecosystem’s demise.

Prior to the hard fork, development activity on the Cardano network, which counts “the number of GitHub events that the project organization generated,” topped that of other significant cryptocurrencies such as Ethereum ($ETH) and Solana ($SOL).

According to CryptoGlobe, an artificial intelligence-based price prediction model predicts that the price of Cardano’s native token ADA would rise to R49 by September of this year, a 530 % gain over the cryptocurrency’s current price.

Share
Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
%%footer%%