Cardano Added Nearly 300 Smart Contracts In Just One Month, Marking Its Significant Growth

Cardano Added Nearly 300 Smart Contracts In Just One Month

The Cardano ecosystem has continued to develop tremendously in terms of the number of smart contracts added to the network thanks to its new features and upgrades.

Between April 9 and May 8, Plutus, a Cardano-based smart contract platform, saw significant growth. The blockchain ecosystem launched 271 new smart contracts over this time, rising from 2,412 on April 9 to 2,683 on May 8, according to statistics from Cardano Blockchain Insights.

The graph represents real smart contracts that run on the Cardano network and are based on the Plutus platform. They initially became live on the network in September 2021, as part of a hardfork event, after the deployment of the Alonzo upgrade.

The blockchain ecosystem has scheduled a hardfork for the summer of 2022, with the goal of expanding its protocol’s transaction, volume and liquidity.

The Vasil hardfork, named after Hungarian mathematician Vasil Dabov, who was also an ecosystem’s community member, is scheduled for June 2022 and will introduce diffusion pipelining.

Cardano’s researcher Matthias Fitzi explained the concept in the blog post that “the recent enabling of smart contracts on Cardano has led to a significant increase in user activity,” as well as the growth of “average transaction sizes.”

“To keep up with this elevated demand, the system’s current transaction throughput must be increased,” he added.

According to DefiLlama, the total value locked of the ecosystem is now remaining around $178M.

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.

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