Plutus, Cardano’s smart contracts platform has seen massive growth since Alonzo mainnet launch that played out in September 2021. This tremendous growth recorded has boosted its ability to compete with larger platforms such as Ethereum.
According to the data provided by Cardano Blockchain Insights, the number of smart contracts on Plutus reached a milestone of 996 on 22nd January 2022, putting it only four away from crossing the 1000 mark.
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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.
Read Also: Cardano Had Relatively Low Transaction Fees in 2021 Compared To Visa, Ethereum, Bitcoin, Stripe
Obviously, the implementation of smart contracts functionality on the Cardano blockchain 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 massive surge is attributed to recent rollouts, especially the launch of decentralized exchange (DEX), SundaeSwap.
Although the blockchain has a grand plan to further boost its scalability as more projects are set to launch, it’s already proving to be a force to beat among its competitors, especially Ethereum, the largest smart contracts platform.
Read Also: Cardano-Based Decentralized Exchange, SundaeSwap, Announces Date for Mainnet Launch
This month, Cardano beat Ethereum on several occasions in terms of daily volume. It’s worth noting that on each occasion, Cardano was 500 times cheaper than Ethereum in terms of transaction fees.
At the time of publication, the digital token ADA is trading at $1.03, with a 3.19% price upsurge in the last 24 hours, according to CoinMarketCap.
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