Cardano's Remarkable Surge: Over 10,000 New Smart Contracts in 2024

The Cardano (ADA) network is on a trajectory of remarkable growth in smart contract deployment, signaling a robust push towards establishing itself as a formidable competitor to established platforms like Ethereum (ETH). As of January 24, the cumulative number of V1 and V2 Plutus smart contracts on Cardano has surged to 24,050, representing an astounding 67% growth from January 1, 2024, where the count stood at 14,379.

Smart Contract Expansion 

The significant increase in smart contracts builds upon the momentum gained in 2023, during which Cardano added nearly 10,000 contracts, aligning with an upswing in development activity on the platform. This growth showcases the community's enthusiasm and commitment to utilizing Cardano's capabilities.

Source: Cardano Blockchain Insights

Development Milestones 

Coinciding with the surge in smart contracts is a notable development milestone. The team behind the Plutus Core language executed common subexpression elimination (CSE) for Untyped Plutus Core, resulting in substantial improvements. These enhancements have led to noteworthy improvements in the costs and sizes of most scripts. It's important to emphasize that Plutus Core acts as the programming language bridging the gap between smart contracts and the foundational settlement layer of the Cardano blockchain.

Source: IOHK

Network Development 

Cardano's increased development activity is underscored by data from Cardano builder Input Output Global (IOG), revealing the launch of 157 projects, with 1,319 projects actively in development as of the week ending January 19. The platform has seen multiple releases in 2024, including Marlowe and the first Hydra release of the year, along with an upgrade to the Lace wallet.

Price Analysis 

Despite the surge in network development, the price of ADA is closely tied to the broader market trajectory. As of the latest update, ADA is valued at $0.47, reflecting daily gains of approximately 0.6%. However, the token has experienced a 10% dip on the weekly chart. ADA currently faces support at the $0.45 level, with the $0.50 mark serving as the key resistance zone.

Source: Coingecko

Conclusion 

Cardano's impressive growth in smart contracts, coupled with key developments and a surge in network activity, positions it as a strong contender in the blockchain space. The platform's commitment to innovation and ongoing improvements suggests a promising future as it strives to carve out its niche alongside established industry players. Investors and enthusiasts alike will be closely monitoring Cardano's continued evolution as it competes on the global stage