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Cardano smart contracts surge by 67% in 2024

Cardano

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TL;DR

  • Cardano’s smart contracts grew by 67% in 2024, with 9,671 new contracts in three weeks.
  • Cardano saw $34.33 billion in weekly transactions, and its ecosystem has 157 projects launched and 1,319 in development.
  • ADA’s value is tied to market fluctuations despite Cardano’s growth.

Cardano, the blockchain platform co-founded by Charles Hoskinson, achieved a significant milestone in 2024 with a remarkable increase in smart contracts. According to recent data, the Cardano blockchain recorded an impressive growth of 9,671 new smart contracts in just 22 days, marking a 67% increase since January 1, 2024. 

This remarkable achievement has not gone unnoticed, as Charles Hoskinson himself expressed his acknowledgment and emphasized the importance of this accomplishment for the Cardano ecosystem.

A Cardano enthusiast, Darren tweeted about the substantial increase in Cardano smart contracts in 2024. In response, Charles Hoskinson, co-founder of Cardano, modestly acknowledged the achievement. He stated, “So my prediction was true, but a little late.” Hoskinson’s response underscores the profound importance of this accomplishment for Cardano’s growing ecosystem.

Cardano’s impressive growth in smart contracts

As of January 22, 2024, the Cardano blockchain boasted 24,050 V1 and V2 Plutus smart contracts. This number represents a significant surge from January 1, 2024, when it was recorded at 14,379. The increase of 9,671 smart contracts in just three weeks showcases the rapid growth and adoption of Cardano’s smart contract platform.

Cardano’s growth is not limited to smart contracts alone. According to Taptools, a wallet tracking platform, Cardano witnessed a substantial increase in transaction volume. The previous week, Cardano recorded transactions exceeding $34.33 billion, with values greater than $100,000. This surge in transaction volume reflects the growing interest and use of Cardano’s blockchain for various purposes.

Thriving ecosystem of projects

Cardano’s success extends beyond smart contracts and transactions. Data from Cardano developer Input Output Global (IOG) revealed that 157 projects had been launched on the platform as of the week ending January 19, 2024. 

Furthermore, an impressive 1,319 projects were actively under development. This thriving ecosystem of Cardano-based initiatives and developers highlights the platform’s attractiveness for innovation and growth.

Despite these significant achievements and advancements, it is essential to recognize that the valuation of ADA, Cardano’s native cryptocurrency, remains closely linked to overall market conditions. As of the latest data, the value of ADA stands at $0.47. 

CoinGecko’s data indicates that ADA has experienced a 5% decrease over the past week and a 21.1% decrease over the past thirty days. This price fluctuation underlines the influence of external market factors on the value of ADA.

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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