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Cardano, the largest proof-of-stake network in the blockchain sector, has recorded an increase in the number of smart contracts written in Plutus. Plutus is the native programming language for the Cardano network.
The number of smart contracts written in Plutus has increased by more than 200% from around 300 reported in November. The number of Plutus-based smart contracts on Cardano is almost at 1000.
Plutus-based smart contracts gaining popularity
The increase in Plutus-based smart contracts on ADA shows that the language is gaining popularity among developers. The growth also shows that the efforts of Cardano to grow the popularity of Plutus are paying off.
The IOHK foundation, the company behind ADA, launched Plutus courses to enable developers to understand the programming language. The courses attracted attention from thousands of developers, and according to the IOHK, the courses could be behind the “scores of projects” under the Cardano blockchain.
The Cardano network has been recording increased interest as the level of activity on the network rises with the recent launch of smart contracts. Smart contracts were launched in ADA in September with the Alonzo upgrade.
Several projects are already under development on Cardano. As a proof-of-stake network, it holds some advantages over Bitcoin and Ethereum that operate through a proof-of-work consensus.
Currently, the leading project on ADA is SundaeSwap. This DEX was launched through a testnet. The project is collecting feedback from users on the testnet, and it is using the feedback to fix bugs and make changes.
ADA token fails to react
While the ADA network has reported notable growth, the ADA token has failed to register substantial gains. Over the past month, the ADA token has dipped by over 41%, moving from highs of around $2.27 to lows of $1.25.
At the time of writing, ADA was trading at $1.33 after making a 3% dip during the past 24 hours. The dips could be attributed to a recession happening across the broader market. Bitcoin and Ethereum have dipped to around $48K and $4100, respectively. Moreover, the market has been experiencing a widespread sell-off, with most cryptocurrencies erasing the gains made in November.
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