Key Insights
- Cardano recorded a 100% increase in the smart contracts deployed on the chain.
- In August, the network surpassed the 3000 smart contract mark.
- Plutus is the network’s smart contract deployment language.
The Cardano blockchain has recorded an increase in the smart contracts deployed. The Cardano blockchain Insight revealed that smart contracts deployed on the network have grown by about 300% year-to-date.
Similarly, the report revealed 947 Plutus smart contracts on the network at the beginning of 2022. By the last week of November, the Plutus smart contract on the network has increased to more than 3790.
Cardano surpassed the 3,000 smart contract mark in August 2022. This feat was achieved when over 100 new smart contracts were deployed on the network in a month.
The number of wallets on this blockchain network has grown by more than 100,000 in November amidst the FTX collapse.
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Significantly, according to Input Output Global’s latest Cardano Weekly Report,
The network powers about 1,146 projects. The report revealed that about 6.9 million tokens are on the network, which has processed about 55.3 million transactions.
These records have shown that the Cardano network amidst the crypto bear market— continues to increase and expand as developers deploy more smart contracts with users opening their wallets.
At this juncture, it is expedient to identify Plutus, the smart contract platform of the Cardano network.
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Plutus- Cardano Network’s Smart Contract
Plutus is the smart contract platform of the Cardano blockchain that allows developers to write and deploy their apps on the blockchain. It is the native smart contract language of the Cardano network.
Plutus is a Turing-complete language written in Haskell. The smart contract platform draws from modern language research to provide a full-stack programming environment on Haskell. It is a safe and purely functional programming language on the blockchain network.
Similarly, developers have launched a Plutus resource page for beginners to learn more about decentralized applications.
Furthermore, developers in this network have increased script capacity, the Plutus, and the Debugger MVP. The blockchain has finalized the implementation of full Babbage support in the Plutus tool.
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The Plutus smart contract includes parts that run on the blockchain or on-chain codes. Similarly, other parts run on a user’s machine, off-chain, or in client code.
It is interesting that developers building smart contracts on the Cardano network deploy the Plutus language due to the following advantages.
Plutus has considerable security advantages on the blockchain. It delivers a robust and seamless avenue for your smart contract deployment— by showing that the codes will not encounter ambiguities prevalent in previous smart contract language design.
The comparison of Plutus with other blockchain networks shows that the former has some advantages. For instance, Plutus supports user-defined tokens, whether fungible or non-fungible, in contrast to Ethereum.
