- The price of Cardano (ADA) has increased 51.42% from January 5th, 2023.
- The Cardano Foundation has shared statistics reflecting increased transactions across the board on the network.
- An increase in smart contract transactions on the Cardano network could propel the global adoption of similar protocols.
On February 3rd, 2023, the official Cardano Foundation Twitter account revealed Cardano’s on-chain data from January. According to the tweet, the public blockchain platform had seen an increase in “transactions using smart contracts and metadata.’’
January #Cardano on-chain stats 🚀
— Cardano Foundation (@Cardano_CF) February 2, 2023
We continue to see increases in transactions using smart contracts and metadata 🙌#blockchain #BuildingOnCardano pic.twitter.com/fmvWNe1gCB
The referenced statistics further revealed that the volume of native tokens, transactions, wallets, Plutus Scripts, and policies on the network had all increased from the previous month of December 2022.
A notable increase was attributed to the volume of Plutus Scripts, showing a 6.08% increase and bordering 5,000 smart contracts on the network.
Furthermore, the transaction types on Cardano were reportedly divided into 31% for smart contract transactions, 46% for simple transactions, and 23% for metadata transactions without smart contracts.
However, considering events before January 2023, the Cardano (ADA) ecosystem has undergone a series of upgrades and events in recent months.
Recent Events and Developments
A notable event for the ecosystem is the Vasil hard fork upgrade launched on September 22nd, 2022, to enhance smart contract capabilities on the network.
Cardano’s overcollateralized Djed stablecoin launched on January 31st, 2023, accumulating 29.9M ADA in base reserves less than a week after the official launch. The official website reflects a 652% reserve ratio at the time of writing.
Although Cardano (ADA) flipped Dogecoin (DOGE) for #8 by market capitalization on January 8th, 2023, the blockchain platform has not only experienced smooth seas.
On January 22, 2023, the Cardano network experienced an outage where 50% of nodes went offline for a short period before they automatically restarted. The cause of the outage was described by Cardano developers as a “transient anomaly.”
After the node outage, IOG founder Charles Hoskinson assured the Cardano community that the “blip” was not a “major issue.”
At the time of writing, Cardano (ADA) is trading for $0.40 USD, showing a notable 51.12% increase from its $0.26 low on January 5th, 2023, as per data from Messari.
One-month price chart for Cardano (ADA). Source: Messari.io
The price of ADA appears to show a steady increase amidst numerous broader crypto market events that occurred in January.
On the Flipside
- The swift resolution of the node outage reflects the ‘slow and steady’ development approach of the Cardano blockchain.
- The Cardano network has announced continued expansion, with the SECP upgrade tentatively scheduled for February 14th, 2023.
- Cardano ranked above Ethereum (ETH) for developer activity in 2022, according to data from Santiment.
Why You Should Care
Cardano is one of the most significant ecosystems in the world. The increased volume of smart contract transactions on the Cardano blockchain could propel the adoption and enforcement of similar protocols.
Read more about Cardano’s Vasil upgrade:
Cardano’s (ADA) Vasil Hard Fork Goes Live – The Significance Of The Upgrade Explained
Read more about the factors that were in play when Cardano (ADA) flipped Dogecoin (DOGE)
Cardano (ADA) Demands the Spotlight as it Rallies 22% to Flip DOGE
