Cardano, the eighth-largest cryptocurrency by market cap, has grown dramatically over the past year.
Cardano, the eighth-largest cryptocurrency by market cap, has grown dramatically over the past year.
Chris O.a Cardano enthusiast, highlights the growth of Cardano over the last year in an X post. He compares the network statistics from January 13, 2023 to January 12, 2024.
The Cardano network has currently processed 82.8 million transactions, an increase of 24.1 million from 58.7 million the previous year.
This implies a high level of user engagement and adoption, as more people use Cardano for a variety of purposes as a result of the improved functionality brought about by Cardano network upgrades.
The Vasil September 2022 update delivered an improved version of Cardano’s smart contract programming language, Plutus v2. Vasil also brought improvements to the handling of chain scripts (Plutus), reducing costs for the user and allowing greater script performance.
Within a year, 44 additional projects were launched, bringing the total to 156. Native tokens also increased by 1.9 million, totaling 9.4 million. Plutus V2 scripts, which were caused by the Vasil update, increased by 14,851.
2024 presents growth opportunities
Cardano has a lot of potential and prospects to grow even more in 2024 and beyond. The blockchain platform is expected to release more updates and functionalities, such as the Chang hard fork, which will kick off the bootstrapping period of the Cardano governance model.
According to the latest weekly report from the IOG, the key moments for Cardano governance in early 2024 will be the publication of an interim constitution and technical barriers to its use during the Voltaire startup phase, which will pave the way for a constitutional convention at the end of this year.
The beginning of 2024 saw the release of node v.8.7.3, which fixes a minor bug in the ouroboros network. Lace version 1.8 was also released, which resolves a bug where the signData method fails, provides staking pool reward performance in a graph, and allows synchronization with other multi-address wallets.
