Cardano’s Epoch 340 Is Concluded as Smart Contract Usage Rises to 29%
Another Cardano epoch is concluded, which permits us to analyze the behavior of users on the network and smart contract usage, which is directly joined to the breakthrough of a network in the blockchain industry.
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According to the data, 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 usage of Smart contracts are at 26%. The biggest part of transactions on the network is 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 smart contact usage, Users spend more fees and create more revenue for decentralized applications and platforms, which reward the growth process on Cardano.
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From the onset of March, Cardano was one of the most fast-growing networks in the whole industry, as it saw a massive spike 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 peaks reached on March 24.
Presently, Cardano has at least 10 dApps presented on the DefiLIama page, with 47% of TVL concentrated in Minswap. At press time, ADA trades at $0.5 and loses 2.7% in the last 24 hours.
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