The recent development around Cardano after an increased contract scalability has built their confidence to compete with Ethereum.
The Company was built in 2017 by Charles Hoskinson, since its inception the company has been making steady strides in the blockchain world, focusing on scalability, security, and energy efficiency.
Their aim is to challenge Ethereum’s dominance in the Blockchain Industry as the leading blockchain for dApps.
The deployment of Hydra and the deployment of more smart contracts has given Cardano a boost making them competitors to Ethereum and consequently attracting people to the developers.
Cardano’s Progress On Hydra
Last week the recent development in Cardano’s ecosystem was launched, this was the introduction of the first mainnet compatible hydra.
This development came 14 months after Hydra heads were deployed on the public tenet.
This feat by Cardano is a great progress towards the deployment of Hydra on their Cardano.
The importance of Hydra to Cardano is to improve their scalability as such allowing the creation of sub-chains called “heads”. Heads are designed to handle transactions in parallel.
Cardano’s Increase in Smart Contract and Token
One of the important steps by Cardano was the implementation of a smart contract in 2021. The launch expanded the platform’s capability on the automated Blockchain task.
Cardano smart contract has witnessed overflow since its introduction, because of its consistent upgrades and development over the years. Reliable data suggests that the company now boasts of a 22% increase which is a 5,776 Plutus VI scripts from the value of 4,718 that was observed last year.
Cardano has also witnessed an increase in native tokens. The platform has now witnessed 8.28 million native tokens from the time the Mary hard fork went live in March 2021.
Development Activity Shoot-up
According to the sentiment analysis from December 2022, Cardano has remained at the top in the areas of development activities, which contributed to them becoming the network with the highest development activity in 2022.
Data from a source has proven that Cardano has retained a top three position on the list of networks with the highest weekly activities from January 15 to April 23, making it 15 weeks consecutively.
Can Cardano Overthrown Ethereum?
Ethereum dominance at the moment is because of the high rate of adoption. Despite the Growth witnessed by Cardano, it is still behind Ethereum, this is because Ethereum welcomed a massive 3.79 million smart contracts from January to April 2023, which is far more than what Cardano is adopting.
In the dApp area, Ethereum is well established and mature, even as Cardano is steadily growing it is still lagging behind Ethereum.
Ethereum has a well-established user base and dApps which makes it difficult for Cardano to break through. To pass challenges like this require a wide range of strategic partnership.
Cardano has the potential to become a well-established player in the crypto world, However, this can happen with consistent progress and widespread adoptions.