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Cardano sees impressive growth sets stage for a promising 2024

Cardano

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TL;DR

  • Cardano’s transactions soar by 24.1 million, hitting 82.8 million in 2023.
  • Vasil upgrade boosts smart contracts, sparking 44 new projects and 1.9 million tokens.
  • 2024 brings Cardano growth with Chang hard fork and governance milestones.

Cardano, a blockchain platform known for its innovative approach to decentralized finance and smart contracts, has experienced significant growth over the past year. In a recent post by Cardano enthusiast Chris O, the network’s statistics from January 13, 2023, to January 12, 2024, were highlighted, showcasing a remarkable surge in user engagement, adoption, and functionality.

Cardano record-breaking transactions

Cardano’s blockchain network has been buzzing with activity, having processed 82.8 million transactions in the past year alone. This marks a substantial increase of 24.1 million transactions compared to the previous year’s 58.7 million. 

The surge in transactions reflects the growing utilization of Cardano for various purposes, propelled by the improved functionality brought about by network upgrades.

One of the key drivers behind Cardano’s growth in 2023 was the September 2022 Vasil upgrade. This pivotal upgrade introduced an enhanced version of Cardano’s smart contract scripting language, Plutus v2. Furthermore, Vasil ushered in significant improvements in the handling of on-chain (Plutus) scripts, effectively reducing user costs and enhancing script throughput.

The Cardano ecosystem saw substantial growth in project development, with an additional 44 projects launched within the year, bringing the total number of projects to 156. This burgeoning ecosystem underscores the platform’s appeal to developers and entrepreneurs seeking to build innovative solutions on Cardano.

Native tokens surge

The native token landscape on Cardano also witnessed a remarkable uptick, with an increase of 1.9 million native tokens, reaching a total of 9.4 million. This growth in native tokens highlights the growing diversity of digital assets on the Cardano network, offering users a wide range of options for their decentralized financial activities.

In tandem with the Vasil upgrade, the number of Plutus v2 scripts witnessed a significant uptick, rising by 14,851. These scripts play a crucial role in enabling the execution of smart contracts on the Cardano blockchain, and the increase signifies the expanding utility and adoption of Cardano’s smart contract capabilities.

Promising prospects for 2024

As Cardano enters 2024, the platform shows no signs of slowing down. It is poised for further growth and development with upcoming updates and functionalities, including the highly anticipated Chang hard fork. This crucial upgrade will initiate the bootstrapping period for Cardano’s governance model.

According to the most recent IOG (Input Output Global) weekly report, the early months of 2024 will see several key milestones in Cardano’s governance journey. These milestones include the release of an interim constitution and the establishing technical guardrails for use during the Voltaire bootstrapping phase. 

These developments are instrumental in paving the way for a constitutional convention later in the year, signaling Cardano’s commitment to robust and decentralized governance.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Benson Mawira

Benson is a blockchain reporter who has delved into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), etc.His area of expertise is the cryptocurrency markets, fundamental and technical analysis.With his insightful coverage of everything in Financial Technologies, Benson has garnered a global readership.

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