Cardano (ADA) has been recognized in 2024 for its substantial advancements, reinforcing its reputation as one of the most innovative and developer-friendly blockchain networks. Significant growth has been achieved through the rapid expansion of its Plutus-based smart contract ecosystem, which has undergone remarkable transformation since its launch.
Nearly 100,000 Smart Contracts Added to Plutus Ecosystem
The remarkable adoption of Plutus V2 has been identified as a driving factor behind Cardano’s ecosystem expansion. Data shows that on January 1, there were 8,083 Plutus V2 scripts on the network. By December 27, this number had skyrocketed to 104,606, marking a gain of 96,523 contracts over the year.
Although overshadowed by V2, Plutus V1 scripts have also shown steady growth. Beginning the year with 6,296 scripts, the count increased to 6,869 by December, adding 573 contracts. This continued relevance of earlier versions highlights Cardano’s adaptability to varied use cases.
According to insights from Cardano Blockchain Insights, the entire smart contract ecosystem, encompassing all Plutus versions, grew by an impressive 97,534 contracts throughout 2024.
Plutus V3: A Game-Changer for Cardano
The rollout of Plutus V3 in 2024 marked a major milestone for Cardano, coinciding with the Chang Hard Fork and its deployment on the SanchoNet testnet. By late August, on-chain contracts for Plutus V3 had begun to appear, and by year-end, 438 Plutus V3 contracts were recorded.
This upgrade introduced significant advancements in smart contract efficiency, interoperability, and security. Development costs were also reduced, making Cardano an attractive choice for builders in decentralized finance (DeFi), decentralized application (dApp) ecosystems, non-fungible tokens (NFTs), and other innovative fields.
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Plutus-based smart contracts were first introduced to Cardano with the Alonzo Hard Fork in 2021. Since then, these contracts have continuously evolved, delivering cutting-edge functionality that positions Cardano as a leading platform for blockchain innovation.
ADA’s Price Resurgence in 2024
This year’s technical progress has also been reflected in Cardano’s market performance. ADA’s price has experienced a steady rise, fueled by growing optimism around the network’s expanding utility and increased developer interest.
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As of late December, ADA is trading at $0.9074, representing a 4.5% daily increase and an impressive year-to-date gain of 52.79%. https://x.com/acinemaboy/status/1853516056528036321?t=NN_MYrtlrnQkyfraeKAeXg&s=19
These achievements have solidified ADA’s place among the top 10 cryptocurrencies by market capitalization.
