Cardano Smart Contracts Grow by 10,000 in the Start of 2024
Cardano has witnessed an explosive surge in the implementation of smart contracts, as it has surpassed the 10,000 mark in 2024. Along with this, a surge in transaction volume shows Cardano’s growing influence in the blockchain space.
Quick Take:
- Cardano experiences a remarkable 67% increase in smart contracts, surpassing 10,000 in 2024.
- The platform’s transaction volume reached over $34.33 billion in a week.
- Cardano demonstrates growth with 157 launched projects, 1,319 projects in development, and ongoing network enhancements.
- A drop in whale transactions on Cardano’s blockchain raises eyebrows.
Cardano reported a staggering 67% increase in smart contracts, reaching a total of 24,050 V1 and V2 Plutus contracts. This surge reflects numerical growth and the adoption of smart contract technology on the Cardano platform.
Increasing Transaction Volume and Confidence Boost for Cardano
Data from the Taptools platform highlights substantial growth in Cardano’s transaction volume. As per the report, transactions have crossed $34.33 billion in the last week. The increase in transactions over $100,000 indicates a growing confidence level in Cardano.
This increase in the transactional flow contributes to Cardano’s positioning as a strong competitor against established platforms like Ethereum.
Beyond smart contracts and transaction volumes, Cardano demonstrates multifaceted growth. Input Output Global (IOG) reports the launch of 157 projects, with an additional 1,319 projects actively under development as of January 19.
Moreover, there are ongoing network enhancements, including Marlowe and a Lace wallet upgrade. These showcase Cardano’s commitment to innovation and development in the blockchain space.
On the other hand, Cardano’s blockchain experiences a significant reduction in large transaction volumes, known as whale movements. The sudden decline in large transactions raises questions about potential shifts in the network’s usual dynamics. However, there are no clear explanations for this unexpected decline.
ADA Struggles to Gain Pace in the Crypto Market
Cardano’s native cryptocurrency, ADA, is currently facing an uncertain time in the crypto market. At the time of writing, ADA is valued at $0.49, experiencing a 3.56% decrease in the last week, according to CoinMarketCap data.
Investors closely monitor ADA’s support at the $0.45 level and the critical resistance zone at $0.50 amidst the evolving developments in smart contracts and network enhancements. Therefore, the next few days could be critical in setting the long-term route for the tokens’s price trajectory.
Cardano’s explosive surge in smart contracts and high transaction volumes could potentially attract more investors in the blockchain space. The platform’s active development shows its diversity and potential. It will be interesting to see how these developments shape ADA’s position in the evolving blockchain landscape.
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Afroz Ahmad
