- The Cardano ecosystem has recorded an impressive transaction count for the month of January.
- With its ecosystem growth, Cardano is set to maintain its bid as a worthy Ethereum killer.
The Cardano (ADA) network started the year with a bang as revealed by its recently released on-chain monthly statistics. Per the published data, the protocol recorded explosive growth in its smart contracts and metadata, a situation that has helped re-established the protocol as a worthy Ethereum Killer.
According to the published data, the transaction types from Epoch 385 to 390 saw a 31% growth in the activities of smart contracts in the network. Transactions marked as “Simple” saw a 46% growth while MetaData, transactions linked without the aid of smart contracts saw a 23% growth for the month of January.
Cardano was designed as a high-performance blockchain protocol. The network has been largely unstoppable since the launch of the Alonzo Smart contract functionality back in September 2021. The growth of activities on the Cardano blockchain was tagged by many experts as a viable way to reduce the dominance of Ethereum in the Decentralized Finance (DeFi) ecosystem.
According to the Cardano Foundation, transactions involving native tokens touched 7.66 million, up by 3.06%. The total transactions on Cardano were pegged at 60.2 million, atop a 3.86% growth while the wallet count in the network surged by 1.72% to 3.91 million. The performance of the entire network as of the end of January was also bolstered by a total of 4,991 Plutus Scripts activated.
January #Cardano on-chain stats 🚀
We continue to see increases in transactions using smart contracts and metadata 🙌#blockchain #BuildingOnCardano pic.twitter.com/fmvWNe1gCB
— Cardano Foundation (@Cardano_CF) February 2, 2023
Cardano’s competition as a top hub for DeFi was also showcased with its total policy count that topped 69,177. This figure is complemented by a total of 1.26 million designated wallets that are running on the protocol at this time.
For Cardano (ADA), a new standard has been set, and this is billed to serve as a guide for the blockchain for the rest of the year.
Bolstering Cardano (ADA) Growth: the Emergence of New Products
Cardano as a contender as the best smart contract in the digital currency ecosystem has the likes of Avalanche (AVAX), Solana (SOL), XRP, and Aptos (APT) amongst others to beat. The Cardano ecosystem is growing and the number of new initiatives and products recently introduced are poised to push the protocol to the frontline.
The much anticipated DJED stablecoin has finally gone live back in January. The stablecoin is tagged as the most overcollateralized dollar-pegged token in the Cardano ecosystem and possibly, the entire blockchain industry. The DJED stablecoin has helped revamped the trust in the Cardano ecosystem and it has recorded a massive embrace since its introduction. The stablecoin now serves as the latest product through which members of the Cardano community can access high interest on yields.
With yield-bearing platforms like MuesliSwap pledging support for the new stablecoin, its role in the Cardano ecosystem is now becoming an integral one.
Cardano also has other planned protocol upgrades that are bound to increase innovative product listing in the near term. One of these is the launch of the Sidechain Toolkit to help developers create a sub-blockchain with different features on Cardano.