Another epoch is finished and shows that smart contract usage is now at 29%
Another Cardano era is over, which allows us to analyze user behavior on the network and the use of smart contracts, which is directly related to the success of a network in the blockchain industry.
As the data suggests, 29% of many transactions on the network were tied to smart contract operations. Transactions made with and without metadata with the usage of smart contracts stayed at 15.6% and 13.5%, respectively.
Transactions with metadata but without the use of smart contracts are at 26%. The bulk of transactions on the network are still simple ADA transactions, with 44% of the total number of operations.
Reportedly, the number of smart contract transactions and their usage is increasing epoch after epoch. The rising number of smart contract interactions is direct evidence of the fundamental growth of the network.
With the increasing number of transactions with the use of smart contracts, users spend more fees and create more revenue for decentralized applications and platforms, which rewards the development process on Cardano.
Back in March, Cardano was one of the most rapidly growing networks in the whole industry, as it saw the massive increase in the number of decentralized applications and the TVL. As of now, we see a decrease in the number of Cardano decentralized app users as the TVL dropped to $124 million from the $326 million peak reached in March 24.
Currently, Cardano has at least 10 dApps featured on the DefiLIama page, with 47% TVL concentrated in Minswap. At press time, ADA is trading at $0.5 and losing 2.7% in the past 24 hours.
