Cardano’s DeFi and Smart Contract Activity Hits a New High

After sceptics blasted the network for experiencing less DeFi activity since its Alonzo upgrade, the Cardano blockchain is now seeing an increase in smart contract activity, with the network seeing the number of smart contracts on the platform reach 2,000 for the first time.

Plutus, a smart contract platform, saw the number of Scripts on it climb by 489 in only two days, making it one of the platforms that profited the most from the upgrade. On March 28, the platform had 1,671 smart contracts, but by March 30, that number had risen to 2,160.

DeFi and Smart Contract Activity Increase on Cardano

This marks a massive increase, given that the number of Plutus scripts on the Cardano blockchain just reached 1,000 in January. This also allows DeFi platforms to deploy and onboard more quickly and easily, and it makes Cardano native token ADA more programmable.

Cardano’s DeFi activity increased in March, as did its TVL. Cardano TVL has increased 39,000% since the beginning of 2022, according to one of our earlier reports. Though it is currently around $246 million, it peaked at $326 million on March 24.

Despite these changes, the Cardano team continues focused to further improving the network, which has made it one of the most improved in the crypto market this year. The Vasil hard fork has been slated for June. This hard fork is expected to boost platform transaction performance while also increasing liquidity and volume.

Cardano’s Improvements Extend to Its Metaverse Projects

In another development, the blockchain’s first metaverse project, Pavia, has seen enormous growth in recent months, with over 20,000 landholders. The project, which is comparable to Decentraland

It was also recently revealed that the network is looking to collaborate on a podcast with iconic rapper Snoop Dogg to discuss collectibles, unreleased songs, and pitches. The renowned American rapper is a well-known NFT collector, and this could be an opportunity for Cardano to bring him on board.

All of these have contributed to ADA becoming one of the best-performing assets during the crypto industry’s mini-green run. According to Coingecko data, the asset has risen more than 26% in the last 30 days, and it is presently trading at $1.19, up about 5% in the last 24 hours.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

KAZ

CoinCu News