The Cardano network has seen substantial updates in the past few years, with the protocol now one of the best-performing blockchain networks in the digital asset ecosystem. The September 2021 upgrade has integrated smart contract functionality into Cardano, thus allowing it to process transactions seamlessly.
A Smart Contract Milestone
In September 2021, the Cardano network started a significant upgrade by incorporating smart contract features that allow the blockchain to process transactions faster and more efficiently.
Cardano’s native token ADA has seen a drop in price for most of last year, but the network has continued to pursue other developmental upgrades regardless. Furthermore, the Vasil Hard Fork upgrade in September 2022 has paved the way for the accelerated development of the Cardano-based smart contract platform, Plutus Script.
In early December, on-chain data showed that the number of smart contracts on the Cardano ecosystem jumped to 4,000. Then, on February 3, 2023, the number spiked to 5,000, as revealed by data from the Cardano Blockchain Insight.
Also read:As of January 28, 2022, the number of smart contracts on Cardano reached 1,000 in just over a year. Therefore, the sharp increase to 4,000 points to an impressive performance from the protocol.
Boosting The Network’s Transaction Volume
With the Plutus Script upgrade, Cardano could provide a decentralized finance application (dApp) development system and offer the developer’s community a programmable platform to build their products. Cardano has undergone several network enhancement projects, but the smart contract development is a defining moment for Cardano’s continued push to revamp its ecosystem.
Recently, the Cardano Foundation admitted that the adoption of smart contracts continues to boost transaction volume on the network. The Cardano network currently ranks second among smart contract platforms in market cap, with its current valuation estimated at $10.4 billion.
Furthermore, the Cardano development team has been putting in efforts to enhance the Plutus Script’s capacity with the completion of the Plutus Debugger MVP, along with the full implementation of the Babbage features in the Plutus protocol before the final launch.
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