The Cardano Network (ADA) received a significant update in September 2021, which included the addition of smart contract features, allowing the blockchain to scale and perform faster. Despite the price drop in 2022, Cardano network development has expanded.
After Vasil’s hard fork in September, Plutus Scripts (a Cardano-based smart contract platform) quickly reached more than 4,000 smart contacts. According to data obtained by Coinphony, the number of smart contracts on Cardano reached 4,027 on December 3, according to Cardano Blockchain Insights.
The chart shows the smart contracts created with Plutus that are now executing on the Cardano blockchain; The total number of smart contracts on December 4 reached 4,050 contracts, and the value represents a 316% growth in 2022 after 947 smart contracts were registered on January 1.
Cardano was able to provide the developer community with the ability to code and a decentralized finance (DeFi) development platform once the Alonso hard fork was completed.
Cardano network growth
According to Cardano, the team has been working hard recently on ramping up the scripting capabilities, the Plutus Debugger MVP, and finishing rolling out full Babbage support in Plutus tools before release.
In November, Cardano builder Input Output Global (IOG) announced the launch of the world’s first blockchain decentralization index, followed by the creation of a new resource section for Plutus DApp developers on the Cardano Docs website.
Notably, Cardano beats all crypto platforms in monthly development activity, with the Cardano team’s activity rate on the public GitHub repository in November being 18% higher than the second-highest ranked asset, Polkadot (DOT), which recorded 572.67 events generated.
Charles Hoskinson fights back against trolls
It is also worth noting that Cardano founder Charles Hoskinson responded earlier this year to allegations that the planned expansion of the Vasil hard fork could harm the network’s smart contract functionality.
Hoskinson said in July that the network had taken the necessary safeguards to ensure smart contracts were in line with revisions, reducing the need for rewrites.
He said that these allegations were made by the so-called “trolls”, whom he described as “idiots” and accused them of spreading “chaos”, stressing that the smart contract will continue to work in the form it designed.
Finally, according to an AI-based price prediction model, Cardano’s native ADA token is expected to trade at $0.42 by the end of this year; At the time of publication, ADA is trading at $0.32.
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