Cardano's Smart Contract Surge: A Closer Look at Plutus V2 Growth

Cardano (ADA), now the eleventh largest cryptocurrency by market value, is attracting attention due to significant growth in its Plutus V2 smart contracts. This rise in smart contract numbers coincides with a period of stability in the wider cryptocurrency market.

The present condition of the Cardano network

Smart contracts play a vital role in activating decentralized applications (dApps) and streamlining transactions on the blockchain. Focusing on smart contracts positions Cardano as a major player among blockchain platforms.

As of April 15, the total number of Plutus scripts, including both Plutus V1 and V2, reached an impressive 41,743, marking a 3% increase compared to April 1. These figures include 6,470 Plutus V1 scripts, reflecting a 0.15% increase from April 1. Meanwhile, the number of Plutus V2 scripts rose by 3.52% to 35,273, indicating the addition of 1,211 new Plutus contracts in April.

Analysis of Cardano’s price

Following a recent price correction, ADA faced resistance at the $0.86 level, coinciding with a golden cross, before declining. The price pullback represents a 30% drop from the altcoin peak of $788.85 billion in 2024 to a low of $563.85 billion.

Consequently, Cardano’s price fell by approximately 32% last month, with an additional 20.08% decrease last week.

Currently, Cardano (ADA) is trading at $0.4654, indicating minimal movement. The potential impact of these positive network developments on the price remains an intriguing topic.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.