Cardano has added more than 5,000 smart contracts in February thus far

Cardano (ADA) has been dealing with snowballing for a number of months, especially since incorporating smart contract capability into its network.

Plutus, Cardano’s smart contracts platform (v1 and v2) contained 14,302 smart contracts In 2023’s last months, there was a 10,000-strong increase from the previous year.

Finbold data shows that this trend not only persisted but also increased in speed in January and February of 2024, while the results were and are still excellent.

There were almost 5,000 new smart contracts in the first eleven days of February, which is half of what there were in all of 2023.

Compared to Plutus V1 scripts, which experienced growth of 6,356 at the beginning of the month, Plutus V2 scripts showed growth of 18,859 at the end of the month.

V2 scripts increased by 5,037 to 23,896 by February 11, while V1 scripts increased by 44 to 6,400. The overall count of smart contracts increased from 25,212 to 30,296—a 20.17% increase.

As part of its extensive research-driven strategy and emphasis on improving scalability and interoperability, Cardano has been relentlessly pushing to improve, which has led to a spike in hosted smart contracts and, by extension, the whole concept of hosted smart contracts.

This year, it plans to take these endeavors to the next level by continuing to develop smart contracts through the Plutus tools team, updating ledgers and nodes, improving and maintaining the Cardano environment, and making broader network enhancements, like integrating bootstrap peers in an experimental branch, among other things.

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