The Cardano (ADA) network started the year with a bang as revealed by its recently released on-chain monthly statistics. Per the published data, the protocol recorded explosive growth in its smart contracts and metadata, a situation that has helped re-established the protocol as a worthy Ethereum Killer.

According to the published data, the transaction types from Epoch 385 to 390 saw a 31% growth in the activities of smart contracts in the network. Transactions marked as “Simple” saw a 46% growth while MetaData, transactions linked without the aid of smart contracts saw a 23% growth for the month of January.

Cardano was designed as a high-performance blockchain protocol. The network has been largely unstoppable since the launch of the Alonzo Smart contract functionality back in September 2021. The growth of activities on the Cardano blockchain was tagged by many experts as a viable way to reduce the dominance of Ethereum in the Decentralized Finance (DeFi) ecosystem.

According to the Cardano Foundation, transactions involving native tokens touched 7.66 million, up by 3.06%. The total transactions on Cardano were pegged at 60.2 million, atop a 3.86% growth while the wallet count in the network surged by 1.72% to 3.91 million. The performance of the entire network as of the end of January was also bolstered by a total of 4,991 Plutus Scripts activated.

January #Cardano on-chain stats 🚀

We continue to see increases in transactions using smart contracts and metadata 🙌#blockchain #BuildingOnCardano pic.twitter.com/fmvWNe1gCB

— Cardano Foundation (@Cardano_CF) February 2, 2023

Cardano’s competition as a top hub for DeFi was also showcased with its total policy count that topped 69,177. This figure is complemented by a total of 1.26 million designated wallets that are running on the protocol at this time.

For Cardano (ADA), a new standard has been set, and this is billed to serve as a guide for the blockchain for the rest of the year.

Bolstering Cardano (ADA) Growth: the Emergence of New Products

Cardano as a contender as the best smart contract in the digital currency ecosystem has the likes of Avalanche (AVAX), Solana (SOL), XRP, and Aptos (APT) amongst others to beat. The Cardano ecosystem is growing and the number of new initiatives and products recently introduced are poised to push the protocol to the frontline.

The much anticipated DJED stablecoin has finally gone live back in January. The stablecoin is tagged as the most overcollateralized dollar-pegged token in the Cardano ecosystem and possibly, the entire blockchain industry. The DJED stablecoin has helped revamped the trust in the Cardano ecosystem and it has recorded a massive embrace since its introduction. The stablecoin now serves as the latest product through which members of the Cardano community can access high interest on yields.

With yield-bearing platforms like MuesliSwap pledging support for the new stablecoin, its role in the Cardano ecosystem is now becoming an integral one.

Cardano also has other planned protocol upgrades that are bound to increase innovative product listing in the near term. One of these is the launch of the Sidechain Toolkit to help developers create a sub-blockchain with different features on Cardano.

Der Beitrag Cardano: 7,66M tokens, 60,2M transactions, 3,91M wallets, and explosive growth for smart contracts and metadata erschien zuerst auf Crypto News Flash.

The Cardano blockchain protocol and its native coin, ADA is seeing an impressive start to the year with a slew of impressive protocol upgrades and products on track to be launched. One of these is the upcoming Cardano’s sidechain toolkit, and the Djed stablecoin launch, two of the anticipated events in the protocol that is projected to drive billions of dollars into its ecosystem this year and beyond.

The Cardano sidechain toolkit, as reported by Crypto-News Flash is particularly an interesting and highly anticipated innovation that is being fronted by the Input Output Hong Kong (IOG) outfit. According to a recent blog post from IOG, it noted that it has assembled a team of specialist engineers to use the rock-solid foundation of Cardano to build a toolkit for building custom sidechains.

Getting to work, IOG said the team has built the Ethereum Virtual Machine (EVM) as a Proof of Concept for the sidechain technology and it noted that all of the documentation of the new innovation will be made accessible to all developers across the board. Cardano is already fronted as one of the most functional blockchain protocols around and the sidechain toolkit is billed to make it even more robust in its offerings and capabilities.

With the sidechain, other blockchain protocols can be built that will or may not have a different consensus mechanism from the parent chain. There will be a bridge that can easily connect with the main chain, and with its design, it will front a high level of interoperability and scalability that will make it maintain a more robust competitive advantage with its peers.

The sidechain toolkit will contain the main chain Plutus scripts. As noted by IOG, “these scripts run on Cardano’s main chain, enable secure cross-chain transactions and token movement, and leverage minting policies to support the sidechain’s token.” The sidechain also contains a chain follower and a sidechain module that “interprets main-chain data and implements the necessary ledger adaptations.”

The Cardano DJED Stablecoin

One major highlight for blockchain protocols is their ability to host related innovations from their competitors and perhaps to make the accessibility better. The DJED stablecoin is branded as the most over-collateralized stablecoin and the first algorithmic token in the Cardano ecosystem.

With many months since its community has been anticipating the release of the token, the team revealed through a Twitter update over the weekend that it is still very much on track to launch the stablecoin before the end of this month.

And yes, $Djed is still on track for launching THIS month 🚀

— Djed Stablecoin (@DjedStablecoin) January 14, 2023

According to media reports, the Djed team has also secured a new partnership with DLT development startup Yepple to bolster their proposed debut.

Cardano is currently being tagged as the most robust smart contract protocol around today, and it seems to be outpacing its peers as it regards new upgrades, implementations, and product debut. Charles Hoskinson remains vocal about the capabilities of the protocol, and its future potential.

In what appears as a positive turn for the Cardano community, the native coin ADA is up by 2.04% over the past 24 hours to $0.3508.

Der Beitrag Cardano’s new sidechain kit and the stablecoin launch of Djed will drive billions of $ into ecosystem – Report erschien zuerst auf Crypto News Flash.