• Cardano witnesses an exceptional 67% growth in V1 and V2 Plutus smart contracts, reaching 24,050 by January 24, 2024.
  • Advancements in Plutus Core language and robust development activity position Cardano as a formidable contender in the blockchain space.

Cardano (ADA) has emerged as a key player in the blockchain domain, showcasing an outstanding year in 2024 marked by a substantial surge in smart contract deployments. As of January 24, 2024, the cumulative count of V1 and V2 Plutus smart contracts on the Cardano network reached an impressive 24,050, demonstrating a remarkable 67% growth since January 1, 2024.

This growth trajectory is not an isolated event but a continuation of the expansion observed in 2023, indicating sustained development activity and escalating interest in the Cardano ecosystem. The surge in smart contracts aligns with significant strides made in the Plutus Core language’s development, bringing about notable improvements in platform performance and efficiency.

Development Landscape and Market Dynamics

Data from Cardano builder Input Output Global (IOG) showcases a vibrant development landscape on the network, with 157 projects launched and 1,319 actively being developed as of the week ending January 19. Key releases, including Marlowe and the first Hydra release of the year, coupled with updates to the Lace wallet, underscore the dynamic growth and progress within the Cardano ecosystem.

Despite the impressive network development, ADA’s price dynamics remain influenced by broader market trends. Currently trading at $0.47, ADA faces support at $0.45, with $0.50 as a key resistance zone, highlighting the typical volatility inherent in cryptocurrency trading.

By Joadin Maina

Beyond the hype, I untangle the web3 revolution, guiding curious minds through the labyrinth of decentralized possibilities.