Cardano adds nearly 100,000 smart contracts in 2024

Cardano (ADA) has delivered a standout performance in 2024, solidifying its position as one of the most technically sophisticated and developer-friendly blockchain ecosystems. Central to its growth has been the dramatic expansion of its Plutus-based smart contract ecosystem, a critical infrastructure that has evolved significantly since its introduction.

At the heart of this transformation lies Plutus V2, which has seen unparalleled adoption over the year. On January 1, Cardano hosted 8,083 Plutus V2 scripts, but by December 27, that number had soared to 104,606—an increase of 96,523 contracts.

Interestingly, Plutus V1 scripts, though overshadowed by V2, continue to play a vital role in Cardano’s smart contract landscape. The year began with 6,296 V1 scripts, which grew steadily to 6,869 by late December, adding 573 new contracts.

While modest in comparison, this growth highlights the continued relevance of earlier iterations for certain use cases, proving that Cardano’s ecosystem retains flexibility and depth.

Across all iterations, Cardano’s smart contract ecosystem expanded by a staggering 97,534 contracts in 2024, according to data retrieved by Finbold from Cardano Blockchain Insights.

Plutus V3

The introduction of Plutus V3 in 2024 marked a pivotal moment for Cardano, coinciding with the Chang Hard Fork and its subsequent deployment on the SanchoNet testnet. This latest iteration began rolling out on-chain contracts in late August, and by year’s end, 438 Plutus V3 contracts had been recorded.

Plutus V3 introduced improved smart contract efficiency, advanced interoperability, and enhanced security features. Notably, the upgrade also slashes development costs, positioning Cardano as an increasingly attractive platform for builders seeking cost-effective yet powerful solutions for decentralized finance (DeFi), decentralized application (dApp) ecosystems, non-fungible tokens (NFTs), and other cutting-edge applications.

The Alonzo Hard Fork in 2021 laid the foundation for this expansion, introducing Plutus-based smart contracts to the Cardano network. Over time, these contracts have evolved to deliver enhanced functionality, security, and interoperability, making Cardano a preferred choice for developers looking to push the boundaries of blockchain innovation.

ADA’s market resurgence

This technical evolution has not gone unnoticed by investors. ADA’s price has steadily gained momentum throughout 2024, driven by optimism surrounding Cardano’s growing utility and developer adoption.

Currently trading at $0.9074, ADA is up 4.5% on the day and boasts an impressive year-to-date gain of 52.79%, re-establishing itself among the top 10 cryptocurrencies by market capitalization. well-equipped to compete in the next phase of blockchain innovation.

Whether through DeFi, NFTs, or entirely new applications, Cardano’s trajectory points toward a promising and dynamic future.

Featured image via Shutterstock

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