Despite the present bear market, the Cardano ($ADA) network continues to grow, with the number of smart contracts deployed increasing by more than 300% year to date.
Finbold claims that there were 947 Plutus smart contracts on the Cardano network at the start of the year, based on data from Cardano Blockchain Insights. Currently, that number has increased to surpass 3,790.
It’s important to note that Plutus is the “Cardano blockchain’s smart contract platform,” which enables users to “create applications that interface with the Cardano blockchain.”
After the price of ADA skyrocketed last year with the release of the eagerly awaited Alonzo hard fork, which introduced smart contracts into the network and enabled it to compete with other blockchains like the BNB Chain ($BNB), Ethereum ($ETH), and Solana ($SOL), the number of smart contracts on Cardano surpassed 1,000 back in January of this year.
To aid new users in learning more about the network’s decentralized applications, developers have also recently developed a Plutus resource page. According to reports, the collapse of FTX has caused the number of wallets on the Cardano network to increase by more than 100,000 so far this month.
With the introduction of its first stablecoin, Cardano just accomplished a new feat. On the Cardano network, new stablecoins are being developed. The commercial division of Cardano, EMURGO, revealed earlier this month that its new USD-backed stablecoin USDA would be “the first fully fiat-backed, regulatory compliant stablecoin in the Cardano ecosystem.”
According to the most recent Cardano Weekly Report from Input Output Global, 1,146 projects were using Cardano as of November 25. According to the report, the network had 6.9 million tokens and had handled over 55.3 million transactions.
