The effects of the Vasil hard fork, which promised to improve Cardano’s scalability and smart contracts functionality, are beginning to show, with 100 new smart contracts being added to the network in the two week period since the update.
Smart Contracts Pick up Pace on Cardano
The Cardano network initially gained smart contract functionality in September 2021, but the network only hit the milestone of 3,000 smart contracts at the beginning of August this year. However, with the September 22nd Vasil hard fork, devs have started picking up the pace.
According to data from Cardano Insight, there were 3,292 smart contracts on the network prior to the Vasil update. Following the hard fork, there are now more than 3,430 smart contracts available on Cardano, including over 100 new Plutus Scripts (a Cardano-based smart contracts platform).
The Cardano Foundation has shared data confirming the growth of smart contracts on the network. The stats indicate that the use of smart contracts with metadata grew by 11%, while those without grew 14%.
Cardano’s On-Chain Activities Grow
The Cardano Foundation reported a general increase in on-chain activity in September. The data illustrates that ADA transaction volumes grew 51.3%, while network metadata expanded by 23.6% during the previous month.
Cardano has also been experiencing increased on-chain activity, with the number of transactions performed reaching 51.2 million, representing growth of 4.2% since August. Additionally, the total number of ADA wallets rose by 1.34% in September.
On the Flipside
- Despite the Vasil hard fork, Cardano has not enjoyed much market success, with staked ADA dropping below $80 million for the first time since January 2022.
Why You Should Care
The positive effects the Vasil hard fork have had on the Cardano network are only expected to increase as more developers elect to build on the new Plutus script.
Find out more about the drop in Cardano’s TVL:
Cardano’s (ADA) TVL Falls to New 8-Month Low as Vasil Fails to Attract Stakers – On-Chain Activity Rises
Learn the full functionality of the hard fork below:
All Vasil Features Are Now Live On Cardano (ADA) Following Latest Upgrade