Cardano-Based Smart Contracts Hits New Milestone, Exceeds 2,000 for the First Time Ever

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The Cardano network went through a significant upgrade that implemented the smart contract functionality, leading to faster performance and better scalability. As a result, Plutus, a Cardano-based smart contracts platform, has also seen significant growth. In addition, the Alonzo upgrade has boosted the blockchain’s performance, challenging other giants in the industry, including Ethereum and Solana.

Cardano Blockchain Insight provided data that confirmed that the number of Plutus Scripts increased by 489 between 28 March and 30 March, standing at 1,671 and 2,160, respectively. Furthermore, the growth rate showed that the number of smart chains on the blockchain just grew over the 2,000 mark.

Plutus Scripts Graph

According to the Plutus Scripts’ graph, the Alonzo mainnet launch introduced actual Plutus-based smart contracts on the Cardano blockchain. It also gave the blockchain platform the ability to offer decentralised finance applications while making ADA more programmable for the developer community. 

It is important to note that the total number of Plutus scripts on the Cardano network first hit 1,000 on 27 January 2022.

The Alonzo hard fork is part of the network’s Goguen period, which comes after the Shelley period. During the Goguen era, the Cardano network became decentralised, and community members could deliberate on the platform.

Plutus has developed a lot of popularity among developers due to the rapid increase in the number of Cardano-based smart contracts. As a result, the blockchain will expect to see more project launches soon.

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.

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