In October, Cardano (ADA) reached an important milestone, with a huge increase in transaction volume. Recent reports indicate that the network experienced record-high transactions, showing a growing interest in the Cardano ecosystem. This transaction increase demonstrates Cardano’s potential to become a key player in the blockchain space, as it develops its ecosystem and attracts more users and projects.
Cardano experiences exponential growth
Cardano activity increased due to its Hydra scaling solution and Plutus smart contracts, among other upgrades.
According to a post on X, the token’s policies have risen by 3,287, and 60,000 more native tokens were minted in October. Plutus scripts have grown by 3,358, bringing the total to 91,698. Additionally, the total number of Plutus transactions jumped from 0.98 million to 97.92 million over the past month.
Plutus scripts grew by 3,358 to a total of 91,698.
The total number of transactions increased by 0.98 million over the last month to a total of 97.92 million.
🧵 4/11 pic.twitter.com/ae0sEgB9No
— Input Output (@InputOutputHK) November 5, 2024
The Plutus team updated the “Using Plutus TX” section of the user guide and submitted two improvement proposals about built-in arrays and maps. However, the rise in transaction volume puts more pressure on the network’s infrastructure. As such, the Cardano development team is pushed to focus on improving scalability.
Furthermore, the Mithril team has released version 2442.0, which provides stable support for decentralized signature orchestration.
Cardano founder reveals timeline for nation-state onboarding
Cardano Founder Charles Hoskinson highlighted the network’s dedication to ongoing upgrades. This commitment aims to support a growing ecosystem and ensure strong performance.
Last month, Cardano developer Input Output Global (IOG) spotlighted a visionary statement by Charles Hoskinson hinting at the timeline on which a nation-state would run on Cardano. Hoskinson hinted at enormous advancements on the Cardano blockchain within the next six years. He stated:
If we continue on our path, that blockchain will be Cardano. The world will run on it because that will be the just thing and the right thing.
Per the update, the price of ADA has jumped by a marginal 0.37% to $0.3321.
