The Cardano network has once again proven its skeptics wrong by achieving a new milestone. Recent data from Cardano Blockchain Insights has revealed a significant increase in the usage of Cardano’s Plutus V1 and V2 scripts. Surpassing all expectations, a total of 24,050 smart contracts have been executed using these Plutus scripts as of January 22. This number is particularly noteworthy, considering that it stood at 14,379 at the beginning of this year, indicating a remarkable surge in usage. The surge began on January 9, with the number of smart contracts executed on Cardano using the Plutus V2 scripts escalating from 8,270 to 12,890 on that day alone. Since then, it has skyrocketed to an impressive 17,718.
Effective Upgrades for Efficiency
The adoption of the Plutus V2 script outpaces that of its V1 counterpart, which is expected given that it is a newer generation of Cardano’s smart contract scripting language. The introduction of Plutus V2 has effectively reduced user costs and enhanced script throughput. Its growing popularity further demonstrates the network’s progress, silencing critics who claimed that Cardano had no practical use. A recent report by crypto research firm K33 even dismissed Cardano as being “used for anything” and suggested that fabricated transactions were being used to inflate activity on the network.
One key figure in the crypto community, Dan Gambardello, the founder of Crypto Capital Venture, has consistently highlighted the remarkable advances in the Cardano network. He specifically emphasized the significant upgrade in the network’s smart contract functionality since the last bull run. Gambardello’s optimism extends to his belief that ADA, Cardano’s native cryptocurrency, could potentially rise to $11 in the next bull run. These improvements in the network have indeed contributed to its resurgence, with a significant increase in DeFi (Decentralized Finance) activity observed last year.
Cardano’s development activity continues to pay off, as indicated by Gambardello’s recent revelation of Social Finance (SocialFI) on the Cardano network. This development has sparked hope within the Cardano community for the introduction of a fiat-backed stablecoin on the network. The inclusion of a stablecoin is expected to enhance Cardano’s utility, possibly attracting new investors and positively impacting ADA’s price. The ecosystem’s growth and progress are certainly encouraging, with an optimistic outlook for the future.
The Cardano network’s recent milestone regarding smart contract usage is a testament to its ongoing development and increasing adoption. The impressive surge in the execution of Plutus V1 and V2 scripts showcases that users are indeed taking advantage of Cardano’s smart contract functionality. These advancements have silenced critics who previously doubted Cardano’s practicality and utility. With the introduction of Social Finance (SocialFI) and the potential future introduction of a stablecoin, Cardano is on a promising path towards further growth and success. As always, investors are encouraged to conduct their own research and exercise caution when making investment decisions.
Leave a Reply