Cardano (ADA) Overcomes Obstacles to Reach New Heights

Cardano (ADA) appears to be on track to become the world’s leading blockchain for developing decentralized apps (dApps). The number of new smart contracts based on Cardano’s newly introduced Plutus platform has increased from 897 to 969 in the last 30 days, indicating that more developers are flocking to the network.

Developer Activity Has Increased in Cardano

Cardano (ADA), a multi-use distributed ledger technology (DLT) network, is undoubtedly one of the most ridiculed projects in the blockchain sector, with some critics labeling it as a “ghostchain” with no genuine users or purpose, despite having a devoted and well-respected development team.

Despite these unfavorable emotions, the Cardano project has managed to keep its position among the top 10 blockchain projects throughout the years, and it now appears that the blockchain network is poised for exponential expansion in 2022 if recent developments in the Cardano camp are any indication.

The Cardano team finished the Alonzo update in September 2021, providing the network with smart contract capabilities and the ability to construct decentralized apps (dApps). Indeed, the Alonzo period has been a gamechanger for Cardano, with the number of smart contracts on Plutus increasing from just over 896 in December 2021 to 969 in 2022.

Plutus is Cardano’s smart contract platform for those who are unfamiliar. It allows developers to create decentralized applications (dApps) that interface with the Cardano blockchain.

A Contented Hoskinson

According to Charles Hoskinson, CEO of Input Output Hong Kong (IOHK), the corporation in charge of Cardano, the initial delays in developing the smart contracts feature generated a lot of negative energy. However, he is now glad that the team’s effort has finally paid off.

Now that Plutus is fully functional, the focus will shift to bringing Cardano cost-effective DeFi, and several projects, including SundaeSwap, Liqwid, MinSwap, Ardana, and others, are working to make that a reality.

According to CoinMarketCap, the price of ADA is hovering around $1.27 at press time, with market size of $42.80 billion.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button