Cardano Smart Contracts Surge by Nearly 10,000; Charles Hoskinson Acknowledges Achievement
Cardano, a third-generation blockchain platform, introduced smart contracts in 2021, providing a robust infrastructure for their development and deployment. Smart contracts on Cardano are simple programs often referred to as validator scripts, which users define with custom logic.
The number of smart contracts on the platform has surged by nearly 10,000 in 2024. The co-founder of Cardano, Charles Hoskinson, acknowledged this achievement and emphasized its importance.
As of January 26, 2024, Cardano had 24,050 V1 and V2 Plutus smart contracts, marking a 67% increase since the start of the year. The data shows that the number of smart contracts has increased by an impressive 9,671, up from 14,379 recorded on January 1, 2024.
One of the companies using Cardano’s technology is Acredius, a marketplace lending platform. Acredius has integrated with the Cardano ecosystem to provide enhanced security, innovative solutions, and access to cutting-edge technology for its clients.
Another company, D3V Technology Solutions, has highlighted the advantages of deploying blockchain networks on Cardano, emphasizing its scalability, interoperability, and sustainability.
Cardano has also entered into multiple partnerships with governments, universities, and non-crypto companies. For instance, it has partnered with the Ethiopian government, the University of Edinburgh, the Free University of Tbilisi, New Balance, and World Mobile.
The surge in smart contracts was initially pointed out by a user named Darren on social media platform X. His remark attracted the immediate attention of Charles Hoskinson, who expressed a modest acknowledgment in response. “So my prediction ended up true, but a little late,” Hoskinson commented, underlining the significance of this milestone for the Cardano ecosystem.
Alongside the notable upswing in smart contracts, Cardano has experienced a considerable expansion in the volume of its transactions. According to the wallet tracking platform Taptools, Cardano reportedly recorded more than $34.33 billion in transactions with values greater than $100,000 in the previous week.
But Cardano’s expansion is not restricted to transactions and smart contracts alone. As of the week ending January 19, data from Cardano developer Input Output Global (IOG) indicated that 157 projects had been launched on the platform and an impressive 1,319 projects were actively under development. This exemplifies the flourishing ecosystem of Cardano-based initiatives and developers.
While Hoskinson commends these accomplishments and advancements, it is critical to acknowledge that the valuation of ADA, Cardano’s native token, continues to be linked to the overall market conditions. As of the 26th of January the value of ADA is $0.47.
This surge in smart contracts and the overall expansion of the Cardano ecosystem mark a significant milestone in the platform’s growth. It also underscores the increasing adoption of Cardano’s blockchain technology in the wider crypto and blockchain industry.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information