• Cardano has seen significant growth this year and is gearing up to surpass its competitors.
• It has integrated 1,000 Plutus V1 smart contracts into its network and is a formidable contender in the DeFi space.
• Ethereum continues to reign supreme as the most active protocol in terms of development activity.
Cardano has seen significant growth this year, as it steadily gains traction in the DeFi space. The network is gearing up to surpass its competitors, with a flurry of solutions, protocols, and new smart contracts solidifying its reputation as a formidable contender in the crypto sphere.
Plutus Smart Contracts
This year alone, Cardano has integrated over 1,000 Plutus V1 smart contracts into its network. As of May 18th, Cardano hosts 5,776 Plutus V1 scripts mainly centered around DeFi applications – an increase from 4,718 V1 scripts on January 1st according to data from Cardano Blockchain Insights. This substantial increase in deployed smart contracts further reinforces Cardano’s position as a prominent player in the decentralized finance (DeFi) space and the 7th largest network by market cap.
Development Activity Leader
A report published on December 30th by Santiment highlighted Cardano as the top protocol in terms of development activity – surpassing Polkadot (DOT) and Cosmos (ATOM) as second and third most active respectively – while Ethereum still ranked fourth despite transitioning to a POS consensus mechanism.
Catching Up To Ethereum
Given recent issues on Ethereum such as congestion and high fees users are looking for viable alternatives like Cardano which has emerged as a strong option given their strong start to 2021. However despite all its efforts it still remains behind Ethereum who remains king when it comes to development activity across all blockchains.
All things considered; it appears that Cardano is making great progress with their development efforts but they have yet to fully catch up to Ethereum’s dominance when it comes down to development activity across all blockchains.