Cardano Sees 300% Increased Use in Smart Contracts in 2022

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Cardano (ADA) smart contracts have been used more than 300% more this year than they were at this time last year, according to data posted by popular crypto influencer account Altcoin Daily. Charles Hoskinson, the founder of Cardano, mocking those who frequently view ADA transactions as phantoms, remarked sarcastically, “Ghost scripts.”

The Amount of #Cardano Smart Contracts Deployed Has Increased 300% Year-to-Date 📈 pic.twitter.com/FEOwx1BfoO

— Altcoin Daily (@AltcoinDailyio) December 5, 2022

Cardano Has Enemies and Detractors

The ADA network had a 90% increase in daily active addresses carrying out on-chain transactions, according to a tweet made last month by a Twitter user. “Pretty easy to have a 90% increase when no one is using it,” said the creator of BuyMoreTokens, a supporter of the Ethereum network.

Even still, data from Cardano blockchain insight reveals a consistent rise in ADA on-chain activity, such as wallet delegators, new daily ADA wallet creations, payment transactions, total locked value (TVL), and more.

Two cryptocurrency enthusiasts had previously asserted that several venture capitalists (VCs) have promised not to fund any startups connected to the Cardano network. Sponsoring Cardano-related firms, in their opinion, entails accepting unreasonably high risk. In response, the creator of Cardano reminded them that it would be wiser to put their money into Celsius, LUNA, and FTX rather than ADA.

Hoskinson hasn’t changed his tone of sarcasm in response to those who keep referring to Cardano’s blockchain as a dangerous Ponzi scheme just waiting to go down.

Yet, Cardano’s native ADA is one of the leading cryptocurrencies with the highest market capitalization. ADA is presently trading at $0.3171, up 2.5% over the past week. Over the last 24 hours, cryptocurrency dealers traded ADA tokens worth close to $180 million.