As the network continues to expand and the cryptocurrency market rebounds, the number of smart contracts deployed on the Cardano ($ADA) network has topped 5,000 for the first time.
According to data from Cardano Blockchain Insights, as reported by Finbold, there were approximately 4,000 smart contracts on Cardano at the beginning of December, with that figure surpassing 5,000 at the time of writing.
Plutus is the “smart contract platform of the Cardano blockchain,” which enables users to “build applications that interact with the Cardano blockchain.”
The number of smart contracts on Cardano surpassed 1,000 in January of this year, after the price of ADA skyrocketed in 2017 due to the release of the highly anticipated Alonzo hard fork, which introduced smart contracts to the network and allowed it to compete with other blockchains such as the BNB Chain ($BNB), Ethereum ($ETH), and Solana ($SOL)
As reported by CryptoGlobe, Cardano topped 3,000 smart contracts in August of 2017 after implementing approximately 100 smart contracts every month. Recently, the Cardano Foundation stated that the network continued to expand in January, with over 60,2 million transactions logged and over 7,66 million native tokens distributed.
As reported by CryptoGlobe, the cryptocurrency community has set a bullish price target for smart contract platform Cardano this month, with an average of nearly 1,800 cryptocurrency community members predicting that the smart contract platform’s price will trade at $0.45 by the end of February, a near 15% increase from $ADA’s current $0.38 level.
The cryptocurrency community appears to become increasingly pessimistic as time passes, with projections for the end of May at $0.3, signifying an increase of almost 12 percent for the smart contract platform.
It is essential to note that the cryptocurrency community’s forecasts may not come to pass. According to the site, the community’s historical accuracy is a little over 48%, with recent data indicating that it was closer to 60% in September and October 2022, before dropping to 6.8% in December. In January, it reached above 80%.
Notably, the community’s January price forecast reflected a 94.6% increase for $ADA, which was trading at $0.254 at the time and was anticipated to rise to $0.495.
