Cardano’s Smart Contract Boom is Defying Doubters and Setting New Standards
They say you should never get emotionally attached to your crypto investment, or to any crypto coin. For the most part I have been able to adhere to that, barring one small exception: ADA.
I’ve always had a tiny emotional connection to the coin; I think it is because when I first started started trading crypto back in 2017-ish, ADA was one my first altcoin, after Ethereum. I slowly built up a stack of it and had it staking at a high APR, just continually growing my bag.
Then around September 2021, when it reached it’s nose-bleed highs of around $2.77 I sold it all for a massive profit (well, I’m no whale, but it was massive for me).
For many years Cardano was mocked for having no real use-case and only a minimal amount of apps were being built on the chain, but things are starting to change…
The naysayers are in for a surprise, as Cardano has not only defied expectations but has been growing and developing, especially in the smart contract arena.
According to the data from Cardano Blockchain Insights, there’s been a remarkable surge in the execution of Cardano’s Plutus V1 and V2 scripts. A staggering 24,050 smart contracts had seen the light of execution by January 22. What makes this even more impressive is the context; rewind to the beginning of the year, and the count stood at 14,379.
The turning point in this smart contract saga dates back to January 9, where the usage of smart contracts experienced a notable uptick. On that day alone, the number of smart contracts executed using Plutus V2 scripts leaped from 8,270 to 12,890. And that was just the beginning. The subsequent days saw a meteoric rise, hitting 17,718 smart contracts.
Plutus V2 takes the spotlight as the go-to choice over V1, thanks to its efficiency. This updated version reflects Cardano’s commitment to cut user costs and boost script performance. This addresses recent skepticism about Cardano’s utility.
K33, a crypto research firm, dismissed Cardano’s use, alleging transactions were fabricated by a “group of bagholders.”
The recent surge in smart contract usage refutes these claims, proving Cardano’s actual utility.
Dan Gambardello, founder of Crypto Capital Venture, consistently praises Cardano for its strides since the last bull run, especially in smart contract functionality. He optimistically predicts ADA rising to $7 to $11 in the upcoming bull run.
I am never one to really get into price predictions and don’t put much stock into it, however the main point is that Cardano is growing and sentiment around the chain is becoming increasingly bullish.
The Cardano community is eagerly waiting for the fiat-backed stablecoin introduction, a move that could attract new capital and potentially boost ADA’s price.
Obviously no one can guarantee how a coin’s price will react to development and growth, but personally I have just bought some more ADA. I buy and trade my ADA at Gate and Bitget. Bitget also has some great staking options as well as launchpools.
(I always preach using a Ledger as a crypto wallet, you can read my reasons for this here, and you can go directly to the official Ledger store here.)
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Disclaimer: This is not financial advice, the information in this article is for educational purposes only. Never invest what you can’t afford to lose. I disclaim any liability or loss incurred by any person who acts on the information, ideas, or strategies discussed in my articles. Do Your Own Research.