Cardano-based smart contracts surpass 2,000 mark

LAGOS (CoinChapter.com) — The Cardano (ADA) blockchain network has recorded remarkable growth in the first quarter of this year as the number of smart contracts on the decentralized network attained a new height.

Data acquired from Cardano blockchain insights revealed that the number of smart contracts on Cardano has surpassed the 2,000 milestones. Notably, the launch of the Cardano Alonzo hard fork upgrade in September last year has been credited for the growth.

The upgrade facilitated the inclusion of smart contract capability on the network, allowing it to scale and perform faster. As a result of the upgrade, the smart contracts platform based on the Cardano network recorded significant growth.

In fact, the number of Plutus-based smart contracts skyrocketed from 1,671 on March 28 to 2,316 on April 3. The growth is extremely impressive because Plutus in January this year hit the 1,000 benchmarks before surging to new heights.

In addition, to the Cardano-based smart contracts platform growth, the blockchain network wallets also surpassed 3 million users. The number of unique wallets on the blockchain network actually hit a new all-time high of 3.2 million.

Mainly, in 2022 alone, the number of Cardano wallets surged by over 12%, rising from 2.6 million on January 1 to 3.2 million on March.

The growth in the number of wallet addresses could be attributed to the ongoing developments on the blockchain network. The blockchain is taking strategic steps to achieve scalability and lure more Defi projects to the network. This would increase the utility of ADA tokens and fuel a price rally.

Cardano TVL Rallies In March Of 2022

Meanwhile, in addition to the increase in smart contracts, the blockchain’s network recorded significant growth in its Total Value Locked for March.

According to DefiLlama, Cardano TVL increased by more than 35,000% since the beginning of 2022. The TVL in Cardano surpassed $320 million on March 28, before dropping to $240 at press time.

Minswap (MIN) currently contributes the largest to Cardano TVL accounts, providing more than 64% of the chain’s total TVL. SundaeSwap’s (SUNDAE) decentralized exchange also contributes $85 million of the majority of funds on the network TVL.

Minswap and SundaeSwap are followed by MuesliSwap (MILK) with $1.85 million, and MeowSwapDi (MEOW).

Additionally, to continue boosting the impressive growth, the blockchain network noted that it is focused on development. It added that the Vasili hard fork is the next phase and it is scheduled to take place in June.

It is worth noting that Snoop Dogg had entered a strategic partnership with a Cardano-based NFT project entitled Clay Mates. As a result of the collaboration, Snoop Dogg will roll out an area exclusive dubbed ‘Baked Nation’.