Cardano Smart Contracts Surge 1000+ Despite Crypto Market Dip

Cardano, a popular platform for smart contracts, has experienced remarkable growth in its Plutus V2 contracts this month. This surge comes at a time when the cryptocurrency market has been facing a downturn due to escalating tensions in the Middle East.

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Data from Cardano Blockchain Insights reveals that the number of Plutus smart contracts on the platform has soared to over 41,700 in just the past month.

Cardano’s Plutus Platform Sees Substantial Growth

Cardano’s smart contract platform, Plutus, has witnessed notable expansion, particularly with its Plutus V2 scripts. While Plutus V1 scripts experienced a modest increase of 0.15%, totaling 6,470, the more recent Plutus V2 platform saw a significant uptick. The number of Plutus V2 scripts has surged to 35,273, marking a 3.52% rise from the 34,072 recorded on April 1.

Source: Cardano Blockchain Insights

In April alone, there has been a noteworthy deployment of 1,211 new Plutus V2 contracts. Plutus, known as the “smart contract platform of the Cardano blockchain,” enables users to develop applications that interact seamlessly with the Cardano blockchain.

Cardano’s Smart Contract Milestone and Performance Analysis

In January 2022, Cardano achieved a significant milestone as the number of smart contracts on its network surpassed 1,000. This surge followed the explosive price growth of ADA, Cardano’s native cryptocurrency, triggered by the rollout of the highly anticipated Alonzo hard fork. This upgrade introduced smart contract functionality to the Cardano network, positioning it to compete with established blockchains such as BNB Chain, Ethereum, and Solana.

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Despite the milestone achievement, Cardano has struggled to maintain momentum in the market. Over the past 12 months, the cryptocurrency has only seen a modest 1.8% increase in value. Moreover, Cardano’s performance over the last five years has been disappointing, with a decline of over 62% in value. The cryptocurrency has faced challenges in reclaiming its previous all-time high amidst market fluctuations and changing investor sentiments.

In comparison to Cardano, Bitcoin, the flagship cryptocurrency, has demonstrated remarkable performance. Over the past year, Bitcoin has surged by over 100%, showcasing resilience and attracting significant investor interest. Moreover, Bitcoin has experienced an impressive growth of more than 1100% over the last five years, reaching new all-time highs, such as around $73,500. Despite recent corrections, Bitcoin continues to command attention, currently trading at approximately $63,200.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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