16. Juni 2024

Cardano (ADA) Sees Increase in Transactions, Smart Contracts & Metadata

• Cardano (ADA) has seen an increase of 51.42% in price since January 5th, 2023.
• On February 3rd, the official Cardano Foundation Twitter account shared on-chain data from January which showed increases in native tokens, transactions, wallets, Plutus Scripts, and policies on the network.
• Notable events and developments for the Cardano (ADA) ecosystem include the Vasil hard fork upgrade and Djed stablecoin launch in January 2023 as well as a node outage experienced on January 22nd.

Overview of Cardano Performance

The price of Cardano (ADA) has increased 51.42% from January 5th, 2023 to February 3rd, 2023. The official Cardano Foundation Twitter account revealed Cardano’s on-chain data from January which reflected increases in native tokens, transactions, wallets, Plutus Scripts and policies across the board on the network.

Vasil Hard Fork Upgrade

On September 22nd 2022 a Vasil hard fork upgrade was launched with the aim of enhancing smart contract capabilities on the network. This upgrade proved to be successful as it enabled smart contract transactions at 31%, simple transactions at 46%, and metadata transactions without smart contracts at 23%.

Djed Stablecoin Launch

Cardano’s overcollateralized Djed stablecoin was launched on January 31st 2023 and quickly accumulated 29.9M ADA in base reserves less than a week after its launch – reflecting a 652% reserve ratio at the time of writing.

Node Outage

On January 22nd just days before Djed’s launch a node outage occurred where 50% of nodes went offline for a short period before they automatically restarted. The cause of this outage was described by developers as a “transient anomaly” however Charles Hoskinson assured the community that it would not affect their long-term plans or vision for global adoption of similar protocols.

Conclusion

The recent upgrades and events suggest that increased transaction activity is driving global adoption towards similar protocols within the blockchain industry – something that could potentially propel Cardano (ADA)’s price further over time if continued development is achieved successfully and efficiently by its team members moving forwards into 2021/2022/2023