Cardano spikes 13% in past 24 hours

·2 min read

The development of smart contracts on Cardano (ADA) has led the blockchain network to notable growth, following a 13% surge, according to market data from Coin Rivet.

With most of the major cryptocurrencies down at the time of writing, Cardano was experiencing a price hike as the cryptocurrency had a higher transaction volume compared to Ethereum, in the past 24 hours.

There had been 72 projects based on Plutus, the Cardano-based smart contracts platform in just a month as Cardano look to set to onboard the likes of DanaSwap, AdaSwap, Cardax, ADAX Pro and SundaeSwap, with the latter’s launch as a DEX expected to be on January 20.

Cardano now possess 969 projects based on Plutus as discussions on the blockchain network’s ability to become a legitimate competitor to Ethereum gains traction.

Charles Hoskinson, Cardano founder, said this past week that he was “pleased with [the] progress” Cardano had made and talked about the delays that had affected the project’s progress.

“We had to rewrite the software three times, there were major changes in architecture and vendors. There were approaches taken that didn’t work out, there were of course delays,” he said.

The Cardano network also made its initial journey into the metaverse by gaming application Pavia on its network, becoming the first-ever metaverse project on the blockchain.

It’s been a roaring success with more than 60% of the 100,000 virtual land plots being pre-sold in October and November 2021 with the remainder of the plots set to be on sale in the first quarter of 2022.