Cardano Gears Up to Catch Ethereum as it deploys 1K Smart Contracts in 2023

  • Cardano has seen significant growth this year. 
  • The network is gearing up to surpass its competitors. 
  • Cardano has leveled up development on its network. 
  • Would Cardano be able to surpass Ethereum? 

Given the recent rise in network issues on Ethereum and Bitcoin, including congestion and high fees, users and projects are looking for viable alternatives, and Cardano has emerged as a solid option, given its strong start to the year. 

Cardano’s development team is all hands on deck as it expands the network and enhances its capabilities to catch up to its competitors. This year, the Proof-of-Stake (POS) chain has introduced a flurry of solutions, protocols, and new smart contracts, solidifying its reputation as a formidable contender and contributor in the DeFi space

Chasing Competitors

Cardano has long been heralded as an “Ethereum killer” blockchain, owing to its research-driven approach and invaluable contributions to the crypto sphere. Over the years, the POS chain has successfully attracted developers to build smart contracts on its Plutus platform, allowing it to close in on its pursuit of competitors.

Development on Cardano has seen significant growth as it steadily gains traction in the DeFi space. Notably, in 2023 alone, the POS chain integrated over 1,000 Plutus V1 smart contracts into its network, showcasing its expansion. 

As of May 18, Cardano hosts 5,776 Plutus V1 scripts, mainly centered around DeFi applications. Conversely, on January 1, the network only hosted 4,718 V1 scripts, according to data from Cardano Blockchain Insights

Cardano Plutus Smart contracts metrics.
Cardano Plutus Smart contracts Metrics. Source Cardano Blockchain Insights.

The substantial increase in smart contracts deployed further reinforces Cardano’s position as a prominent player in the DeFi space and the 7th largest network by market cap.

Additionally, a report published on December 30 by Santiment, a social metrics platform, highlighted Cardano as the top protocol in terms of development activity, surpassing Polkadot (DOT) and Cosmos (ATOM) as the second and third most active in the development department. It’s worth noting Ethereum, despite the transition to a POS consensus mechanism, ranked fourth.

Nevertheless, despite Cardano’s increased development on Plutus and interest in its ecosystem, Ethereum continues to reign supreme. The network welcomed 125,000 smart contracts in a single week. As it stands, the network also has $26 billion total value locked (TVL) in DeFi protocols, compared to Cardano’s $150 million, according to data from DeFiLlama.

On the Flipside

Why This Matters

While Cardano faces a formidable challenge in surpassing Ethereum’s current dominance, its relentless progress and expansion present a promising future. The crypto community is eagerly watching Cardano’s trajectory and its pursuit to dethrone Ethereum. 

Cardano races Bitcoin to the top of DeFi: 

Cardano Struggles to Outpace Bitcoin in DeFi TVL Despite Releasing Hydra 

Read more about Cardano: 

Cardano Lead Researcher Joins the Likes of Einstein and Darwin 

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Written by on 2023-05-19 19:45:00.

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