Popular smart contract platform Cardano ($ADA) has seen a significant growth in its Plutus V2 contracts so far this month after the cryptocurrency market started dropping amid a wider correction related to growing tensions in the Middle East.
According to data from Cardano Blockchain Insights, first shared by Finbold, shows that then umber of Plutus smart contracts on Cardano has surged to over 41,700 over the past month
While Plutus V1 scripts saw a modest rise of 0.15%, reaching 6,470, the more recent Plutus V2 platform has experienced a significant uptick. The number of Plutus V2 scripts currently stands at 35,273, reflecting a 3.52% increase from 34,072 recorded on April 1. This translates to a noteworthy deployment of 1,211 new Plutus V2 contracts in April alone.
Plutus, it’s worth noting, is the “smart contract platform of the Cardano blockchain” that allows users to “write applications that interact with the Cardano blockchain.”
The number of smart contracts on Cardano surpassed 1,000 back in January 2022 after the price of ADA exploded with the rollout of the widely anticipated Alonzo hard fork, which brought smart contracts into the network, allowing it to compete with other blockchains such as the BNB Chain ($BNB), Ethereum ($ETH), and Solana ($SOL).
Cardano has, however, kept on underperforming after the bear market, moving up just 1.8% over the last 12 months, and being down over 62% over the last five years as the cryptocurrency struggles to move back to its previous all-time high.
In comparison, the flagship cryptocurrency Bitcoin is up over 100% over the past year and more than 1100% over the last five years, having recently made a new all-time high of around $73,500 before correcting to now trade at $63,200.
Featured image via Unsplash.
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