Cardano’s network has seen a surge in smart contract usage, boosting confidence in the platform. The network recently reached a significant milestone with over 24,000 smart contract executions using its Plutus V1 and V2 scripts. This growth trajectory is evident from the 14,379 smart contracts executed at the beginning of the year. On January 9, the number of smart contracts executed using Plutus V2 scripts jumped from 8,270 to 12,890 in a single day, and it continues to rise, currently standing at 17,718.
The popularity of Plutus V2 over its predecessor, V1, showcases its appeal as a newer generation of Cardano’s smart contract scripting language. This upgrade aims to reduce user costs and enhance script throughput, further solidifying the network’s utility. The surge in smart contract usage serves as a strong rebuttal to skeptics who questioned the network’s value. It challenges the narrative that fabricated transactions dominate the network, highlighting the genuine adoption of Cardano’s capabilities.
The improvements in Cardano’s network, especially in its smart contract functionality, have a positive impact on the price of ADA, Cardano’s native cryptocurrency. Dan Gambardello, founder of Crypto Capital Venture, predicts that ADA could reach $11 in the next bull run, partly due to these advancements. Despite a recent decline in DeFi activity on the network, momentum is expected to pick up again. Gambardello’s Social Finance (SocialFI) revelation on Cardano signifies the network’s progress in fostering new and innovative developments.
Furthermore, the potential introduction of a fiat-backed stablecoin on the Cardano network holds great promise for the community. It could attract new investors and contribute positively to ADA’s price. This move also demonstrates Cardano’s commitment to adapting to the evolving crypto landscape.
On a different note, Cardano has experienced an unprecedented drop in large transactions associated with whale movements. This decline has caused a significant decrease in the network’s usual activity. While such a drastic decrease usually indicates potential changes in network dynamics, the exact reasons behind this drop in whale transactions remain a mystery. This unexpected behavior raises questions about the motivations and intentions of major ADA holders.
Overall, Cardano’s smart contracts are gaining traction, and with network improvements and increased DeFi activity, ADA’s price may reach $11 in the next bull run. The introduction of a stablecoin and the network’s commitment to evolving further contribute to its appeal. However, the recent decrease in whale transactions raises uncertainties about the network’s dynamics.