Sunday, May 19, 2024

Cardano Network Records Significant Growth Over 300% in 2022.

The Cardano network, since the introduction of smart contracts, has recorded increased growth. The total number of smart contracts based on Plutus, as of November 26, stood at 3,791 representing a growth of 300% in 2022, after seeing just 947 contracts on January 1.

The surge in the number of Cardano smart contracts follows increased network development that is working towards enhancing the feature’s functionality. Cardano says its team worked hard to increase script capacity, the Plutus Debugger MVP, and finalized the rollout of implementation of full Babbage support in the Plutus tools before the release.

Moreover, Cardano launched the Plutus DApp resource page for developers. The new feature will enable beginners to learn about decentralized apps and developers can learn about building DApps using the Plutus smart contracts. The network’s smart contracts also accelerated after the Vasil hard fork was upgraded on September 22. The hard fork helps enhance the DeFi network’s scalability. Analysts say the growth of Cardano’s smart contracts comes despite concerns over the impact of Vasil on the feature. The community had feared that the upgrade would be detrimental to the smart contract functionality.

But Charles Hoskinson believes the Cardano team took the right steps to ensure that smart contracts are compatible with the changes. This eliminates the need for re-writing. Furthermore, on-chain development has been central to the network’s increased popularity.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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