With the integration of smart contract functionality into the Cardano (ADA) network, there has been a notable increase in growth metrics, propelling the network to compete with well-established platforms like Ethereum (ETH).
As of December 26, the Plutus smart contract platform on Cardano hosted 14,302 smart contracts (both V1 and V2 combined). This figure reflects an impressive growth of more than 200%, compared to the 4,731 smart contracts registered on January 1, according to data obtained from Cardano Blockchain Insights.
Significantly, the increase in the number of Cardano smart contracts aligns with the network’s intensified development efforts focused on improving the functionality of the feature. Cardano reports that the team has recently been focused on expanding scripting capability with the introduction of the Plutus V2 Cost Model network update, which was deployed to the Cardano mainnet on September 27, just five days after the activation of the Vasil update.
Constant Drive for Improvement
According to the latest report this year, the core technology team released an update to allow teams enough time to tune their components and prepare them for the v9.0 release. The Plutus team, dedicated to smart contracts, made efforts that resulted in notable improvements in the costs and sizes of most scripts. Simultaneously, the expansion team, Hydra, released version 0.14.0, which improves the resiliency of the Hydra network.
The report also highlighted vital statistics updates for the network. Total ADA transactions exceeded 80 million and the total number of native tokens reached 9.17 million. The report mentions active development with more than 1,300 projects underway on blockchain and 153 projects have already been launched.
ADA Price Analysis
ADA was trading at $0.61, representing an increase of 0.72% in the last 24 hours, as opposed to a -0.49% loss in its value over the past week, adding to an impressive gain value of 53.66% in November.
Over the past year, there has been a notable increase in the price of this cryptocurrency, marking a notable 134% increase, which positions the asset favorably against 65% of the top 100 cryptocurrencies in the same year.
The current trading status indicates that the asset is positioned above the 200-day simple moving average, indicating a positive trend. The asset shows a positive performance relative to its symbolic selling price. In the last 30 days, the asset has seen 17 positive gains.
Cardano Forecast
According to CryptoPredictions, ADA price for today (26.12.2023) will be in the range of 0.50432538109722 $ – 0.74165497220179 $. Cardano price is expected to end at $0.59332397776143 today.
Cardano started December 2023 at $0.37563466942651 and is forecast to end the month at $0.65488748729059. During December, the expected high price of ADA is $0.95997947839439 and the low is $0.37563466942651.
Cardano is expected to start January 2024 at $0.66798523703641 and end the month at $0.665403103993. During January, the expected high price of ADA is $0.95934703574538 and the low is $0.65235598430686.
Cardano Crypto Project: Latest Collaboration
The entity behind ADA recently joined forces with Brazil’s state energy company, Petrobras, to lead educational workshops on blockchain for the firm’s employees and present the main merits of the cryptocurrency sector.
The first 500 participants in the Cardano education program will receive non-fungible tokens (NFTs) highlighting their achievements, while everyone who completes it will earn a special certificate.
The partnership in Brazil comes a few years after expansion in Africa. As CryptoPotato reported, Cardano launched educational services in Ethiopia in April 2021 to create a blockchain-based national identification system and signed another similar agreement in Tanzania shortly after.
By Audy Castaneda
