With Cardano's Significant Network Enhancements, ADA Is On Track To Make a breakthrough.
Plutus (a Cardano-based smart contract platform) has seen a large increase as a result of the update.
According to Cardano Blockchain Insights, the number of Plutus Scripts climbed by 489 between March 28 and March 30, when they were 1,671 and 2,160, respectively, meaning that the total number of smart contracts on Cardano has just surpassed 2,000.
On the Cardano blockchain, the graph depicts real-world Plutus-based smart contracts that are currently in use. These smart contracts went active on the blockchain on September 12, 2021, when the Alonzo update was deployed as part of the hard fork event.
On January 27, the total number of Plutus scripts on the Cardano network surpassed 1,000 for the first time.
The change is noteworthy because it lays the groundwork for constructing decentralized financial (DeFi) apps and makes ADA more programmable for the developer community.
Despite the Cardano ecosystem having experienced multiple significant network upgrades over time, the implementation of smart contracts in the Cardano environment was a watershed event.
The amount of decentralized apps (dApps) connecting to the network, as well as developer acceptance of Cardano, are critical indicators of the blockchain’s long-term viability.
Speculators will be looking for a rise during the Vasil hardfork, which is expected for June and which the Cardano team believes would deliver a significant boost to the platform’s transaction throughput, as well as higher volume and liquidity.
Cardano is expected to trade around $1.35 by April 30, according to the crypto community. However, with ADA trading at just $1.13 at the time of publication, there is still a long way to go before it reaches that price.
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