Cardano is poised to catch Ethereum as it publishes 1K worth of smart contracts in 2023


  • Cardano has seen significant growth this year.
  • The network is preparing to overtake its competitors.
  • Cardano has increased the level of development on its network.
  • Will Cardano be able to overtake Ethereum?

Given the recent rise in network problems on Ethereum And bitcoinincluding congestion and high fees, users and projects are looking for viable alternatives, and Cardano He emerged as a solid option, given his strong start to the year.

Cardano’s development team is fully prepared as it expands the network and enhances its capabilities to catch up with its competitors. This year, the Proof-of-Stake (POS) series delivered a wave of SolutionAnd protocolsand new smart contracts, cementing its reputation as a formidable competitor and contributor to DeFi space.

Chasing competitors

Cardano has long been advertised as “Ethereum killerā€œblockchain, due to its research-based approach and invaluable contributions to the field of cryptography. Over the years, POS chains have attracted developers to build smart contracts on them. Plutos platformallowing it to move closer in its pursuit of competitors.

Cardano’s development has experienced significant growth As it is gaining steady traction in the DeFi space. Notably, in 2023 alone, the POS chain has integrated more than 1,000 Plutus V1 smart contracts into its network, showcasing its expansion.

As of May 18, Cardano hosts 5,776 Plutos V1 scenarios, primarily centered around DeFi Applications. Conversely, on January 1, the network hosted 4,718 V1-only scripts, according to data from Cardano Blockchain Insights.

Cardano Plutus smart contract metrics.
Cardano Plutus smart contract metrics. Cardano Blockchain Insights Source.

The significant increase in deployed smart contracts cements Cardano’s position as a prominent player in the DeFi space Seventh largest network by market capitalization.

In addition, prof a report It was published on December 30 by Santiment, a social metrics platform, and highlighted Cardano as the best protocol in terms of development activity, surpassing Polkadot (DOT) Cosmos (ATOM) is the second and third most active development division. It should be noted that Ethereum, despite the transition to the POS consensus mechanism, is in fourth place.

However, despite Cardano’s growing development over Plutos and interest in its ecosystem, Ethereum still holds the lead. the network Say hello to 125,000 smart contracts in one week. As it stands, the network also has $26 billion in Total Value Locked (TVL) in DeFi protocols, compared to Cardano’s $150 million, according to data from DeFiLlama.

on the flip side

Why is this important

While Cardano faces an enormous challenge in overtaking Ethereum’s current dominance, its continued progress and expansion represents a promising future. The crypto community is eagerly watching Cardano’s trajectory and its quest to dethrone Ethereum.

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