Number of Plutus-Based Smart Contracts on Cardano About To Hit 1,000

Here's When $2,000 in Cardano (ADA) Now Could Yield $2 Million

Alonzo, the significant upgrade that implemented the smart contracts functionality on the Cardano blockchain, has started to record expected results. The upgrade is currently boosting the blockchain to match its biggest rival in the industry, Ethereum.

According to the data released by Cardano Foundation, the number of Plutus-based smart contracts is increasing rapidly and approaching 1,000. As of 8th December 2021, the number has hit a milestone of 888.

Cardano Foundation tweeted, “Significant increase in the number of Plutus based smart contracts on the Cardano blockchain.”

The major upgrade that brought about smart contracts in September 2021 gave Cardano blockchain the ability to offer decentralized finance (DeFi) applications development platform.

So, the rapid increase in the number of smart contracts on Cardano is an indication that Plutus is gaining much-needed popularity among developers. The new development comes at the time Cardano Foundation disclosed that 800 projects that intend to use the network had applied for $4 million worth of funding in September.

Charles Hoskinson: 2022 Will Be a Fun Year for Cardano

Back in November, Charles Hoskinson, the CEO of IOG, stated that 2022 will be fun for Cardano because it’s a year about optimizing throughput and connecting sidechains on the blockchain.

According to the mathematician, many Cardano critics fail to see Ouroboros as a protocol family with solutions to hard problems.

In a tweet on 20th November, Charles Hoskinson wrote, “What people don’t get about Ouroboros is that it’s a protocol family that already has the hard stuff figured out. 2022 is about optimizing throughput and connecting sidechains. It’s not theory. It’s just code from pipelining to input endorsers. It’s going to be a fun year.”

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Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over seven years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.