Cardano Soars: Records Remarkable Yearly Growth, Spikes With 24 Million Transactions

Cardano, the eighth-largest cryptocurrency by market capitalization, has grown dramatically over the last year.

Chris O, a Cardano enthusiast, highlights Cardano’s growth over the last year in an X post. He compares network statistics from Jan. 13, 2023, to Jan. 12, 2024.

The Cardano network has currently processed 82.8 million transactions, a 24.1 million increase over the previous year’s number of 58.7 million.

#Cardano fam, here’s your weekly update.

Wanted to compare YoY growth! In one year @Cardano has added:

*44 projects have gone live
*1.9 million tokens
*14,581 Plutus V2 scripts ‼️
*24.1 MILLION transactions ‼️

Incredible growth & activity for a 👻
Chain 😜 pic.twitter.com/gyQPr3lz7U

— Chris O (@TheOCcryptobro) January 12, 2024

This implies a high level of user engagement and adoption, as more individuals utilize Cardano for a variety of purposes as a result of improved functionality brought about by Cardano network upgrades.

The September 2022 Vasil upgrade delivered an upgraded version of Cardano’s smart contract scripting language, Plutus v2. Vasil also brought improvements to the handling of on-chain (Plutus) scripts, reducing user costs and allowing for greater script throughput.

Within a year, an additional 44 projects were launched, bringing the total to 156. Native tokens have also increased by 1.9 million, totaling 9.4 million. Plutus V2 scripts, which were brought on by the Vasil upgrade, have increased by 14,851.

2024 presents growth opportunities

Cardano has a lot of potential and prospects to grow even more in 2024 and beyond. More updates and functionality, such as the Chang hard fork, which will kickstart the Cardano governance model’s bootstrapping period, are expected to be released by the blockchain platform.

According to the most recent IOG weekly report, the key moments for Cardano governance in early 2024 will be the release of an interim constitution and technical guardrails for use during the Voltaire bootstrapping phase, which will pave the way for a constitutional convention later this year.

2024’s start has seen the release of node v.8.7.3, which addresses a minor bug in ouroboros-network. Lace version 1.8, which resolves a bug with the signData method failing, provides stake pool rewards performance in a graph and enables synchronization with other multi-address wallets, was also released.

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