In 2024, the Cardano (ADA) ecosystem has seen remarkable growth in its smart contract capabilities, with Plutus V2 contracts taking center stage.
At the start of the year on January 1, there were 8,083 Plutus V2 scripts. Fast forward to September 18, and that number has skyrocketed to 80,437—an increase of 72,354 contracts.
Cardano smart contracts. Source: Cardano Blockchain Insights
While the growth of Plutus V2 has been headline-grabbing, Plutus V1 scripts also saw steady development. Starting the year with 6,296 contracts, the number of V1 scripts reached 6,711 by mid-September, marking an additional 415 scripts. Although more modest, this increase reflects the enduring role of earlier iterations of Cardano’s smart contracts.
Plutus V3, the latest upgrade, officially launched in 2024, with the much-anticipated Chang hard fork and initially deployed on the SanchoNet testnet, brings substantial improvements to Cardano’s smart contract functionality. V3 scripts began to appear on-chain by late August, with 18 contracts recorded as of September 18.
In total, Cardano’s smart contract ecosystem expanded by 72,787 contracts in 2024, according to data gathered by Finbold from Cardano Blockchain Insights as of September 19.
Cardano smart contracts. Source: Cardano Blockchain Insights
Plutus scripts
Plutus-based smart contracts, introduced during the Alonzo HFC event, have dramatically transformed the Cardano blockchain, elevating its performance with improved smart contract efficiency, stronger security protocols, and enhanced interoperability.
Now, all eyes are on the early deployments of Plutus V3, with developers anticipating this new era will unlock more powerful and sophisticated contract capabilities. Beyond its technical advancements, Plutus V3 also slashes development costs, making Cardano a go-to platform for innovators looking to build cutting-edge dApps and decentralized finance (DeFi) solutions.
Amid these technical breakthroughs, Cardano’s price has seen some upward movement. Currently trading at $0.3484, up 5.78% on the day, the token is gaining momentum, although it still faces challenges in breaking back into the top 10 cryptocurrencies by market cap.
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