Alonzo, the significant upgrade that implemented the smart contracts functionality on the Cardano blockchain, has been bringing the expected results since mainnet launch. The upgrade is currently boosting the blockchain to challenge its biggest rivals in the industry, especially Ethereum.
According to the data provided by Cardano Blockchain Insights, the number of Plutus-based smart contracts surpassed the 1000 mark on 27th January 2022. At the time of writing, the number stands at 1003.
As shared on the platform, Plutus Scripts’ graph represents real Plutus-based smart contracts on the Cardano blockchain, which was introduced as part of the Alonzo mainnet launch.
The launch of Alonzo that brought about smart contracts in September 2021 gave Cardano blockchain the ability to offer decentralized finance (DeFi) applications development platform.
The Alonzo hard fork is part of the network’s Goguen era named after Joseph Goguen, an American professor of computer science from the University of California and the University of Oxford. The Goguen era succeeds the Shelley era, in which the Cardano network became decentralized and community members became validators.
So, the rapid increase in the number of smart contracts on Cardano is an indication that Plutus is gaining much-needed popularity among developers.
Obviously, the implementation of smart contracts functionality on the Cardano has massively increased its network activity. New projects are launching, while more are expected to go live on the blockchain as we advance into 2022.
On 22nd January, it was reported that the Cardano network’s average blockchain load hit an all-time high of 94.49%. This huge rise is attributed to the recent rollouts, especially the launch of decentralized exchange (DEX) SundaeSwap on 20th January 2022.
Charles Hoskinson, the founder of Cardano had earlier said he believes projects like Cardano will be as ubiquitous as the internet and used by billions in the future.
In 2021, Cardano network notably led the crypto market in terms of developer activity, leading stern rivals such as Ethereum, Kusama, Polkadot, among others.