Cardano (ADA) Is Making Major Strides In The Blockchain Industry

The Cardano (ADA) ecosystem’s weekly statistics, which Input Output Global recently reported, showed a number of intriguing improvements. It was impressive to see that the total number of transactions on the blockchain had surpassed 55.3 million, according to the tweet. 

ICYMI: Our weekly #Cardano development update is live on #EssentialCardano!

Check out what our dev team has been up to and get the latest on our development progress.

As always, we welcome your feedback and comments👇 https://t.co/nf12SDsEiu

— Input Output (@InputOutputHK) November 27, 2022

Despite the bear market, the Cardano (ADA) network continues to develop, with the number of smart contracts deployed increasing by more than 300% year to date. Additionally, the overall supply of native tokens has nearly surpassed seven million. 

On the Cardano network at the start of the year, according to statistics from Cardano Blockchain Insights, there were 947 Plutus smart contracts. As of the article’s publication, that number has risen to over 3,790.

Nevertheless, despite these encouraging improvements, ADA’s price took a lot of hits and dropped to the bottom of the top 10 currencies in market capitalization. CoinMarketCap reports that during the past 24 hours, the price of ADA has fallen by more than 2%. 

Its market capitalization is over $10.5 billion currently, and it was trading at $0.3054. Let’s look at ADA’s on-chain indicators to determine whether investors may anticipate a rebound in the near future.

Santiment’s analysis indicated that various on-chain measures indicated a sustained downward trend, so investors may have to wait a bit longer for ADA to recover. A negative indicator, for instance, was provided by ADA’s MVRV Ratio, which was very low. Surprisingly, ADA’s development activities reported a decline and then took a sideways course despite all the aforementioned improvements.

Cardano (ADA) Development

After the price of ADA skyrocketed last year with the release of the eagerly awaited Alonzo hard fork, which introduced smart contracts into the network and enabled it to compete with other blockchains like the BNB Chain ($BNB), Ethereum ($ETH), and Solana ($SOL), the number of smart contracts on Cardano crossed 1,000 back in January of this year.

It crossed the 3,000 smart contract milestone in August this year after averaging about 100 new monthly contracts. Cardano’s developers have completed the Plutus Debugger MVP and full Babbage support and have also recently expanded script capacity.

To aid newcomers in learning more about the network’s decentralized apps, developers have recently introduced a Plutus resource website for others. In the aftermath of FTX’s demise, the Cardano network has witnessed a reported increase of over 100,000 wallets this month.

Moreover, with the introduction of its first stablecoin, Cardano just accomplished a new goal. On the Cardano network, new stablecoins are being developed. The first completely fiat-backed, law-abiding stablecoin in the Cardano ecosystem, USDA, will be launched by EMURGO, the commercial division of Cardano, later this month. USDA is the first stablecoin in the Cardano ecosystem.

However, Input Output Global’s report states that as of November 25, there were 1,146 projects using Cardano, and the network had 6.9 million coins and had handled over 55.3 million transactions.