Cardano’s August 2024 Ecosystem Report: A Steady Growth in Transactions and Wallets
In its latest report, the Cardano Foundation has shared key statistics for the month of August 2024, showcasing the continued expansion of the Cardano ecosystem. The foundation’s tweet highlighted the consistent increase in network activity, including a rise in transactions, wallets, and native tokens, demonstrating the platform’s steady growth.
Growth in Transactions and Wallets
According to the report, the total number of transactions on the Cardano network increased by 1.51%, reaching a staggering 95.9 million in August. This marks a notable milestone, reflecting a healthy rate of growth in user engagement with the network. The number of wallets on the platform also grew, with a 0.67% increase bringing the total to 4.87 million. Delegated wallets, which are a subset of the total, saw an even greater rise of 0.98%, reaching 1.33 million.
Cardano’s smart contract platform, Plutus, also saw a 0.75% increase in its scripts, totaling 6,709 by the end of August. Native tokens on the platform increased by 0.85%, reaching 10.3 million, with the number of policies governing these tokens growing by an impressive 6.53% to 160,299.
Diverse Transaction Types on Cardano
One of the notable highlights of the report is the breakdown of transaction types on the Cardano network. Smart contracts now account for 31% of all transactions, while simple transactions represent 49%. The remaining 20% consists of metadata transactions that do not involve smart contracts. This diversity in transaction types underscores Cardano’s versatility as a platform capable of supporting various use cases, from simple transfers to more complex smart contract applications.
Cardano’s Ecosystem Continues to Evolve
In addition to growth in key metrics, Input Output Global (IOG), one of the principal organizations behind Cardano’s development, shared insights into the ongoing projects within the ecosystem. As of August 30, 2024, there are 1,373 projects currently being built on Cardano, highlighting the platform’s attractiveness to developers and businesses alike. Moreover, the number of token policies grew by 8,375, and an additional 110,000 native tokens were minted over the course of the month. These figures reflect a thriving ecosystem that continues to expand and innovate.
Plutus, Cardano’s smart contract platform, also experienced significant activity. The number of Plutus scripts surged by 5,995, bringing the total to 74,729. Additionally, the overall number of transactions on the network increased by 1.5 million during the month, further emphasizing the platform’s growing adoption and usage.
Technical Milestones and Updates
August was also a month of technical progress and important releases for Cardano. One of the key milestones was the ongoing development of the Chang upgrade, aimed at enhancing the platform’s capabilities. The Ledger team has been hard at work on Conway Ledger era preparations, conducting tests to ensure a smooth user experience following the initial phase of the Chang upgrade.
The Lace team introduced version 1.14 of the Lace wallet, which brought enhanced wallet functionalities and improved user experience. This update is part of Cardano’s continuous efforts to refine its wallet infrastructure and provide a more seamless experience for its users.
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The Plutus team completed compatibility testing for several key features, including the remaining Bitwise core elements (CIP-0122 and CIP-0123), which cover important functionality such as integerToByteString and byteStringToInteger conversions. These updates were enabled with the first phase of the Chang upgrade, improving the overall efficiency and reliability of smart contracts on the platform.
Hydra Protocol Advancements
In another significant update, the Hydra team released version 0.18.0 of the Hydra protocol. This version introduced incremental decommitment operations, enhancing the protocol’s efficiency. The team also worked on supporting Hydra Doom, which ensures compatibility with critical dependencies, further strengthening the protocol’s robustness.
Conclusion
The August 2024 report from the Cardano Foundation and IOG underscores the platform’s steady growth, driven by increasing user activity and ongoing technical innovations. With a diverse range of projects being developed, and continuous improvements in infrastructure and functionality, Cardano remains one of the most promising blockchain ecosystems in the industry. The updates around the Chang upgrade, Hydra protocol, and Plutus smart contracts indicate that the network is well-positioned for continued success and expansion in the months ahead.
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