A prominent Cardano ($ADA) community resource has made it clear that the smart contract platform isn’t a ghost chain, as it noted that nearly 25% of the network’s transactions were made over the past year.
According to Cardano blockchain monitoring service Cardano Blockchain Insights, a total of 51.3 million transactions have been made on the Cardano blockchain since its inception in 2017, with around 12.5 million of those being smart contract transactions generated since the Alonzo hard fork was launched in September 2021.
Cardano Blockchain Insights noted that this means nearly 25% of all transactions on Cardano were made during the past year, meaning the network is far from being a ghost chain, which is a term used to refer to blockchains with little to no activity.
As CryptoGlobe reported, the number of smart contracts deployed on Cardano has grown by 100 in only two weeks after the Vasil hard fork went live on the smart contract network, showing developers are pushing Cardano forward.
Blockchain data shows there were 3,292 smart contracts on Cardano at the time of the Vasil hard fork, on September 22. As of October 6, there were 3,392 smart contracts deployed on Cardano, reflecting a rise of 100 smart contracts in just 14 days.
The number of smart contracts on Cardano surpassed 1,000 back in January of this year after the price of ADA exploded last year with the rollout of the widely anticipated Alonzo hard fork, which brought smart contracts into the network, allowing it to compete with other blockchains such as the BNB Chain ($BNB), Ethereum ($ETH), and Solana ($SOL).
The crypto community is especially bullish on Cardano, with price estimates made via CoinMarketCap revealing that 10,800 users believe the cryptocurrency will trade at $$0.577 by the end of the month, up 35% from the cryptocurrency’s current $0.42 price tag.
Featured image via Unsplash