The Number of Cardano-Based Smart Contracts Reaches 1,000.

The overall number of smart contracts on the Cardano ($ADA) network has topped 1,000 for the first time, as the blockchain’s decentralized finance (DeFi) sector expands gradually, with a total value of well over $70 million locked in.

There are approximately 1,000 Plutus-based smart contracts on Cardano, according to Cardano blockchain insights released on Google’s Data Studio. Plutus, it should be noted, is the “Cardano blockchain smart contract platform” that allows users to “write applications that interact with the Cardano blockchain.”

The price of ADA skyrocketed last year upon the release of the much-anticipated Alonzo hard fork, which introduced smart contracts into the network and let it to compete with other blockchains including as the Binance Smart Chain (BSC), 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, Berkeley, and Oxford. The Goguen epoch follows the Shelley era, during which Cardano became a decentralized blockchain and community members became validators.

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The founder Charles Hoskinson has said emphatically that he expects projects like Cardano will be “as ubiquitous as the internet and used by billions” in the future. Last year, the Cardano network dominated the cryptocurrency market in developer activity, with Kusama and Polkadot close behind.

MuesliSwap, the blockchain’s first practical decentralized banking tool, was released earlier this month following an under-the-radar sale, and swiftly topped $2 million in total value locked. Weeks after the debut of SundawSwap, a “native, scalable decentralized exchange and automated liquidity provision protocol,” the Cardano network’s load has surpassed 90%. cFund, Alameda Research, and Double Peak Group have all pledged their support for the exchange.

According to CryptoCompare’s latest Asset Report, the number of addresses holding ADA increased in December to a new all-time high of 4 million.

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