If you are one of the late investors of the Cardano (ADA) coin, you would be probably scratching your head. Cardano has definitely left its investors in awe if we consider the price action of ADA for this year. However, if we consider the development side, Cardano has been one of the leading layer-1 blockchain infrastructures in the space. In this blog, we will be highlighting the key developments of the Cardano ecosystem.
Smart Contract Growth by 300%
As per Plutus, a smart contract platform by Cardano, reflects that as of November 26th, the total number of smart contracts on the Cardano blockchain stood at 3,791. The value represents a growth of 300% as compared to 2,844 for the past year. It recorded only 947 contracts on the blockchain at the start of the year.
Notably, the rise in the number of Cardano smart contracts coincides with increased network development aimed at improving the feature’s functionality. According to Cardano, the team has recently worked on increasing script capacity, the Plutus Debugger MVP, as well as finalizing the implementation of full Babbage support in the Plutus tools prior to their release.
7 million native tokens on the Cardano blockchain
In this month, Cardano also achieved a new milestone of reaching 7 million native tokens. These tokens represent the number of native assets minted on the Cardano blockchain. Cardano native assets and NFTs bear similarities, technologically speaking, as they are both native assets that can be created using the Cardano node CLI.
New Variant of Ouroboros
For those of you who don’t know, Ouroboros is a family of Proof-of-Stake consensus protocols used in the Cardano blockchain. Recently, an open-source developer from the Cardano Foundation shed light on the new variant, Ouroboros Leios, which aims to utilize idle resources and make the chain’s construction more parallel by utilizing the UTXO model to its full potential. However, it should be noted that Ouroboros Leios is part of the Cardano Improvement Proposal (CIP), which might mean it is far away from now in terms of execution.
Closing Thoughts: Cardano Striving for Long-term and Sustainable Growth
The recent development and traction gained by the Cardano blockchain might suggest that it is targeting long-term and sustainable growth which has always been the vision of the IOHK Foundation and its founder, Charles Hoskinson. Considering the token holders, it can be advised to hold on to ADA for a long-term perspective and wait for its ecosystem to thrive in the near term.