In September 2021, the Cardano (ADA) network had a substantial upgrade, which included the inclusion of smart contract capability, enabling the blockchain to expand and execute more swiftly. Despite a price decline in 2022, Cardano’s network expansion has continued.
After the Vasil hard fork in September, Plutus Scripts (a Cardano-based smart contracts platform) quickly surpassed 4,000 smart contracts. The number of smart contracts on Cardano hit 4,027 on December 3, according to information obtained by Finbold from Cardano Blockchain Insights.
Once the Alonso hard fork was finished, Cardano was able to provide the developer community with a programmability and decentralized finance (DeFi) application development platform.
According to Cardano, the team has been diligently working on increasing script capacity, the Plutus Debugger MVP, and completing the rollout of full Babbage support in the Plutus tools before to their release.
In November, the Cardano developer Input Output Global (IOG) announced the introduction of the world’s first blockchain decentralization index, followed by the launch of a new resource area on the Cardano Docs website for Plutus DApp developers.
Earlier this year, Charles Hoskinson, the creator of Cardano, replied to accusations that the planned implementation of the Vasil hard fork might possibly compromise the network’s smart contract functionality.
Hoskinson said in July that the network has implemented the necessary safeguards to guarantee that smart contracts are compatible with the modifications, hence minimizing the need for rewriting.
He attributed the accusations to so-called “trolls,” whom he branded “dumb” and accused of spreading “FUD,” while adding that the smart contract will continue to operate as intended.
Cardano’s native token ADA is expected to trade at $0.42 by the end of the year, according to an artificial intelligence-based price prediction model; at the time of writing, ADA was trading at $0.32.
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