Cardano Sees Effect of Upgrade, Adds Over 100 Smart Contracts

9 October 2022, 22:28 GMT+0000
9 October 2022, 22:28 GMT+0000
In Brief
  • Cardano as added over 100 smart contracts since the Vasil upgrade.
  • The network has shed over 6% of its value within this period.
  • Number of active addresses on Cardano has increased.
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Cardano: The effects of the Vasil upgrade are already showing, with the blockchain adding 100 new smart contracts in the two weeks since it completed the hard fork. 

The network’s upgrade helped improve its smart contract capabilities and scalability. With 100 new smart contracts, the upgrade appears to live up to its billing.

Available data showed that the network reached the milestone of 3000 smart contracts in August and had 3,292 by September 22, when the Vasil hard fork happened. As of press time, that number had increased to over 3,400.

Staking declines

However, the hard fork has not significantly impacted staking activities on the network. The platform’s total value locked (TVL) has not increased since the Vasil upgrade. In fact, the opposite has happened. Cardano’s TVL, as of October 9, is at $75 million.

The total number of staked ADA increased slightly after the hard fork, reaching as high as $148 million on October 3. However, this is still far from the peak TVL of $326 million reached on March 24, 2022.

Transaction briefly dips

Cardano Blockchain Insights also showed that transactions on the network have been volatile since the hard fork. According to the data, its transaction count briefly declined to 12,000 on September 23 but has risen above 60,000 as of press time.

Meanwhile, given that a transaction on Cardano can contain many payments, a look at the number of daily payments shows that it has not significantly increased since the upgrade. However, the monthly payments per day post-Vasil hard fork are higher than before.

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The number of active addresses per day has also increased on the network since the upgrade. After peaking at 78,849 addresses on October 4, it is now around 70,752 as of press time.

Cardano (ADA) Vasil

Cardano price is down

Meanwhile, Cardano’s ADA has traded downwards since the Vasil upgrade. The digital asset traded for as high as $0.473 on September 23 before shedding over 6% of its value till October 9. As of press time, it is exchanging hands for $0.4236, according to Coingecko data.

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Disclaimer

The information provided in independent research represents the author's view and does not constitute investment, trading, or financial advice. BeinCrypto doesn’t recommend buying, selling, trading, holding, or investing in any cryptocurrencies