Cardano Price Prediction as Smart Contracts on Platform Grow Over 300% in 2022
Cardano price prediction is bearish, but the double bottom pattern will likely support it around $0.2960. A bullish reversal could be triggered by candles closing above this level.
Since the introduction of the smart contracts feature, the Cardano (ADA) network has grown significantly. It moves it closer to competing with established platforms such as Ethereum.
On November 27, 3,811 distinct smart contracts were running on Cardano's Plutus smart contracts platform. According to Cardano Blockchain Insights data, after registering 947 smart contracts on January 1, the value has increased by more than 300%, or 2,864, in 2022.
The increase in Cardano smart contracts follows additional network development to improve the feature's usability. Cardano claims that the team has been focusing on expanding script capacity, the Plutus Debugger MVP, and completing the spread of full Babbage support in the Plutus tools prior to its release.
Cardano has also launched its Plutus DApp developer resource website. Developers can now learn how to create decentralized applications (DApps) using Plutus smart contracts, while beginners can learn about DApps.
Given the ongoing network development activities, the Cardano community believes that the expected adoption will increase the value of ADA/USD.
Following the official September 22 rollout of the Vasil hard fork upgrade, the number of Cardano smart contracts has increased. The hard fork is intended to improve the scalability of the DeFi network.
Furthermore, despite initial concerns about Vasil's impact on functionality, the smart contract has grown in scope. The community feared the upgrade would disrupt the smart contract's operation.
Cardano creator Charles Hoskinson stated that the team
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