As of the start of 2023, Cardano (ADA) has seen significant growth. This can be attributed to the ongoing development and advancements of its network, as well as anticipation for upcoming launches that are expected to enhance the capabilities of its smart contract platform, positioning it as an «Ethereum killer.»
One of the foremost challenges faced by projects in the blockchain industry is the scarcity of skilled developers. However, the Cardano (ADA) network has set itself apart by boasting a highly competent and seasoned team. This has contributed to the altcoin’s stability among the top 10 projects, even amid the volatile market conditions and fluctuating prices observed in the past year.
According to data from ProofofGitHub, Cardano (ADA) stands out as the most well-developed network on the cryptocurrency market, surpassing competitors such as Polkadot (DOT) and Cosmos (ATOM). This has resulted in the altcoin boasting a robust ecosystem, with over 4,800 smart contracts on its network and more than 1,000 projects currently in development on its blockchain.
Furthermore, Cardano is actively working on the integration of contract scripts written in Python for its smart contract platform. This innovative development is currently ongoing and was announced on Jan. 10 via a transaction on the network.
Update could bring more usability to Cardano
Furthermore, CIP-30 enables ADA hot wallets to gain new functionalities, expanding their capabilities and drawing in potential users. This is a vital aspect in ensuring Cardano’s ongoing growth and meeting the needs of the market, which can help it to stand out among other competing cryptocurrencies, such as Ethereum and Layer 2 projects.
Charles Hoskinson, the creator of Cardano, has emphasized the importance of community and partner collaboration in driving the adoption of ADA on multiple occasions. The integration of this new feature is expected to play a crucial role in achieving this goal. It may result in Cardano becoming more user-friendly, potentially increasing its market valuation, boosting investor confidence in the cryptocurrency, and further decentralizing the ADA ecosystem.
It is noteworthy that the integration of Cardano’s hot wallets with decentralized applications (dApps) has been implemented since 2021, with the launch of the SpaceBudz marketplace for non-fungible tokens (NFTs). As a result, all applications on the smart contract platform are able to connect to ADA wallets through the dApp connector.