Blockchain

Cardano Network Grows Strongly In 2022

Key Points:

The Cardano Foundation’s most recent data shows that important network activities have increased in 2022 despite the general market downturn. The network keeps registering growth by various metrics.
The network smart contract feature accounted for the highest growth rate compared to 2021 at 394% hitting the milestone of 4,445.
The platform’s smart contracts went live after the Vasil hard fork upgrade.

The Cardano Foundation’s most recent statistics show that important Cardano (ADA) network activity grew in 2022 despite the general market slowdown.

The Cardano smart contract functionality, in particular, experienced the largest growth rate compared to 2021 at a rate of 394%, reaching the milestone of 4,445 as of December 16.

Notably, the platform’s smart contracts went online after the Vasil hard fork upgrade. After initial worries over Vasil’s effect on the feature, the growth rate of smart contracts may be considered impressive.

In this instance, the neighborhood believed that the upgrade would impair the functionality of the smart contract. Charles Hoskinson, the founder of Cardano, explained as a result that the team had made the required preparations to make sure that smart contracts were compatible with the changes.

The platform’s native tokens experienced the second-highest growth rate, at 192%, reaching the 7.3 million milestones. The number of ADA transactions reached 56.9 million in 2022, an increase of 139%, and the number of wallets reached 3.8 million, an increase of 47%.

Additionally, the platform’s delegated wallets increased by 27% to 1.27 million, while 66,950 policies were added to the network.

According to data, Cardano smart contracts continue to be the market category with the quickest growth rate, positioning Cardano to become one of the potential Ethereum rivals.

Hoskinson previously criticized Coinbase, a cryptocurrency exchange, for failing to include ADA in its forecast for the crypto market in 2023. Hoskinson thought it was pretty sad that ADA wasn’t included.

At the time of writing, ADA is trading at $0.2594.

ADA daily chart. Source: Coincu

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.