Cardano’s Stellar Year: 24 Million Transactions Fuel Remarkable Growth

Cardano, the eighth-largest cryptocurrency in the market, has undergone a transformative journey over the past year.

A detailed examination of network statistics comparing Jan. 13, 2023, to Jan. 12, 2024, unveils an impressive surge in Cardano’s growth trajectory.

#Cardano fam, here’s your weekly update.

Wanted to compare YoY growth! In one year @Cardano has added:

*44 projects have gone live
*1.9 million tokens
*14,581 Plutus V2 scripts ‼️
*24.1 MILLION transactions ‼️

Incredible growth & activity for a 👻
Chain 😜 pic.twitter.com/gyQPr3lz7U

— Chris O (@TheOCcryptobro) January 12, 2024

Cardano’s Growth – 82.8M Transactions, Strategic Upgrades Drive Surge

The Cardano network has remarkably processed 82.8 million transactions, marking a substantial increase of 24.1 million compared to the previous year’s 58.7 million. This surge indicates heightened user engagement and adoption. Moreover, it showcases the cryptocurrency’s enhanced functionality from strategic network upgrades.

The pivotal Vasil upgrade in September 2022 delivered a revamped version of Cardano’s smart contract scripting language, Plutus v2. Beyond the language enhancement, Vasil also ushered in improvements in handling on-chain (Plutus) scripts, reducing user costs and enabling greater script throughput. 

This boost has spurred a cascade of activity, with an additional 44 projects launched within the year, bringing the total to an impressive 156.

Native tokens have also experienced a remarkable uptick, reaching 9.4 million, with an increase of 1.9 million over the past year. Plutus V2 scripts, a direct outcome of the Vasil upgrade, have surged by an impressive 14,851.

As Cardano basks in the past year’s success, the blockchain platform is poised for further growth in 2024. Anticipated updates and functionalities, including the Chang hard fork, are expected to be pivotal in bootstrapping the Cardano governance model. 

The blockchain platform will release an interim constitution and technical guardrails during the early months of 2024, laying the foundation for the upcoming Voltaire bootstrapping phase and subsequent constitutional convention later in the year.

The dawn of 2024 has witnessed the release of node v.8.7.3, addressing a minor bug in ouroboros-network. Lace version 1.8 has also been introduced, resolving a bug with the signData method failure. 

Lace version 1.8 enhances stake pool rewards performance through graphical representation and facilitates synchronization with other multi-address wallets.