In September 2021, the Cardano (ADA) network experienced a significant update, introducing smart contract capability and allowing the blockchain to handle transactions more quickly and swiftly. Despite a fall in Cardano’s price in 2022, the network continued to flourish into 2023.
Specifically, the September hard fork of Vasil cleared the path for the quick creation of Plutus Scripts, a Cardano-based smart contract platform. According to information gathered by Finbold from Cardano Blockchain Insights, the number of smart contracts on the Cardano network surpassed 4,000 on December 3 and has now risen to 5,000 barely two months later.
As of February 2, 5,006 smart contracts written using Plutus and operating on Cardano have been generated.
Notably, the number of smart contracts on Cardano reached 1,000 on January 28, 2022, suggesting that the network added 4,000 Plutus-based smart contracts to the blockchain in a little over a year.
In addition, the update allowed the network to provide a framework for the creation of decentralized financial (DeFi) applications that is programmable for the developer community. The implementation of smart contracts marked a turning point for the Cardano ecosystem, despite several earlier network advancements.
Notably, the Cardano foundation tweeted on February 3 that Cardano on-chain statistics for January indicated a surge in smart contract and metadata transactions.
Cardano placed second among the major smart contract crypto projects by staking market capitalization in February 2023, with a value of $10.4 billion.
Notably, the Cardano team has been exerting significant work recently, focused on expanding script capacity, finishing the Plutus Debugger MVP, and ensuring Babbage support is fully included in the Plutus tools before to its official release.