There has been tremendous progress since the Cardano (ADA) network was upgraded in September 2021, which includes the addition of smart contract capability.
According to data from Cardano Blockchain Insights, the total number of smart contracts based on Plutus, a smart contracts platform powered by Cardano, has reached a new milestone of 2,900 as of July 12, putting it within 100 smart contracts of surpassing the 3,000 mark.
The graph depicts Plutus-based smart contracts running on the Cardano blockchain.
The update, in particular, enabled Cardano to give the developer community with a decentralized finance (DeFi) application development platform and programmability.
Cardano creator Charles Hoskinson has responded to claims that the planned implementation of the Vasil hard fork will harm the network’s smart contract functionality.
In a tweet on July 7, Hoskinson stated that the network has taken the necessary safeguards to ensure that smart contracts are compatible with the changes, eliminating the need for re-writing.
He went on to say that the accusations were made by ‘trolls,’ whom he called ‘stupid’ and accused of spreading ‘FUD,‘ while claiming that the smart contract would continue to function.
Cardano is also preparing for its next hard fork, the Vasil hard fork, which is scheduled by the end of July 2022. Its purpose is to expand the protocol and significantly increase the throughput of its transactional processing, as well as its volume and liquidity, as well as to improve the functionality of smart contracts.
Meanwhile, the cryptocurrency like the rest of the cryptocurrency market, has been trading bearishly in recent days. Its price at press time was $0.4278, a 6.24% decline in 24 hours and a 5.73% drop in a week.
At the same time, the cryptocurrency’s market capitalization, which is presently the eighth-largest in this aspect, stood at $14.4 billion at the time of publication, according to Coincu data.
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