With a significant spike in transaction volume, Cardano (ADA) achieved a significant milestone in October. According to recent reports, the network had record-high transaction volumes, indicating that interest in the Cardano ecosystem is increasing. As Cardano grows its ecosystem and draws in more users and projects, this growth in transactions shows how it has the potential to become a major player in the blockchain industry.
Cardano experiences exponential growth
Among other improvements, Cardano’s Plutus smart contracts and Hydra scalability solution led to a rise in activity.
A post on X claims that 60,000 more native tokens were created in October and that the token’s policies have increased by 3,287%. The number of Plutus scripts has increased by 3,358, reaching 91,698. Furthermore, throughout the course of the previous month, the total number of Plutus transactions increased from 0.98 million to 97.92 million.
https://x.com/InputOutputHK/status/1853761446930256017
The Plutus team provided two enhancement suggestions on built-in arrays and maps, as well as an update to the user guide’s “Using Plutus TX” section. However, the network’s infrastructure is under increasing strain as a result of the increase in transaction volume. The Cardano development team is therefore encouraged to concentrate on enhancing scalability.
Additionally, version 2442.0, which offers reliable support for decentralised signature orchestration, was published by the Mithril team.
Cardano founder reveals timeline for nation-state onboarding
Charles Hoskinson, the founder of Cardano, emphasised the network’s commitment to continuous improvement. This pledge seeks to guarantee robust performance and sustain an expanding ecosystem.
Charles Hoskinson made a visionary comment last month that alluded to the timescale on which a nation-state might operate on Cardano, which was highlighted by Cardano developer Input Output Global (IOG). Within the next six years, Hoskinson alluded to significant developments on the Cardano blockchain. He said:
Cardano will be that blockchain if we keep going in the same direction. Because it will be the proper and just thing to do, the world will revolve around it.
According to the report, ADA’s price has increased to $0.3321, a slight increase of 0.37%.
