Cardano made a very important update to its blockchain in September 2021 in order to fight giant competitors such as Ethereum, Solana and Avalanche.
The update on the smart contract is said to have made tremendous progress since then. So much so that after this important update, ADA has reached the level to compete with its competitors in various fields.
Cardano has grown tremendously compared to its competitors after the update in September that included the addition of smart contract functionality. In particular, it is stated that the number of projects developed on Plutus, a Cardano-based smart contract platform, reached 996 as of January 25.
As seen in the chart below, Plutus-based smart contract platforms have increased since the Alonzo network upgrade (Alanzo Hard Fork) in Cardano 2021 September.
Alonzo had intimidated his rivals in terms of network upgrade content. Because, with this update, a decentralized finance (DeFi) application development platform was added to the ADA blockchain, and it was stated that it was aimed to develop this ecosystem, which has a great deficiency against its competitors.
Despite the fact that 4 months have passed since the update, the number of smart contracts developed on the network has reached almost 1000, while investors are appreciated, while its competitors are said to be alarmed.
In the past months, Finbold reported the number of smart contract platforms built on the Cardano blockchain as 888. Smart contracts on the ADA blockchain have had the best performance among developers of the Plutus platform as of September.
However, the increase in the adoption rates of Cardano compared to its competitors is considered to be the first among the most important factors for developers to prefer the ADA blockchain.
Cardano Report from Kraken Exchange
Crypto exchange Kraken has prepared a report on Cardano (ADA). The report mentioned that the launch of Cardano is different from other coins. It was noted that 31 billion ADA coins were produced in the first stage, and 26 billion of them were sold to investors. It was stated that in the long run, the Cardano ecosystem will be much more popular and may force Ethereum. It was underlined that the Cardano platform has been strengthened with 5 major updates in 5 years. It was stated in the report that the ADA team did not sign innovative crazy projects, but adopted an understanding that attaches importance to scientific research.