With over 2000 smart contracts currently active on the network, Cardano's smart contract activity has increased. Additionally, in March, Cardano's DeFi TVL reached a new high of nearly $320 million. Snoop Dogg and the blockchain are collaborating to boost awareness and adoption among users.
Cardano blockchain is now experiencing a rise in its smart contract activity after detractors mocked the network for having less DeFi activity after its Alonzo upgrade. The network witnessed the number of smart contracts on the platform cross the 2,000 mark for the first time.
The number of Scripts on Plutus, a platform for smart contracts, increased by 489 in just two days as a result of the upgrade, making it one of the platforms that profited the most from it. On March 28, there were 1,671 smart contracts on the platform; by March 30, there were 2,160.
Cardano engagement for DeFi and smart contracts is increasing
Given that the number of Plutus scripts on the Cardano blockchain just reached 1,000 in January, this is a significant increase. Additionally, it makes ADA (Cardano's native coin) more programmable and makes it possible for DeFi platforms to deploy and integrate with Cardano more quickly and easily.
It's interesting to note that Cardano's DeFi activities also saw a rise in TVL in March. We previously reported that Cardano TVL has increased by 39,000% since the start of 2022. The amount has fluctuated between $246 million and $326 million, reaching a high on March 24.
Despite these changes, the Cardano team is still committed to making the network even better, making it one of the most improved in the cryptocurrency industry this year. The Vasil hard fork is scheduled to occur in June. The platform's transaction throughput is predicted to expand thanks to this hard fork, along with volume and liquidity.
The initiatives in Cardano's metaverse have improved.
Another development is that Pavia, the first metaverse project built on the Cardano blockchain, has seen a huge uptake in recent months, with more over 20,000 landowners. The initiative, which is akin to Decentraland, is named for the city where Gerolamo Cardano was born.
Additionally, it was recently made public that the network is interested in collaborating with iconic rapper Snoop Dogg on a podcast to talk about collectibles, unheard songs, and ideas.
Being a well-known NFT collector, the iconic American rapper may be a good candidate to join Cardano.
Due to all of this, ADA has been among the best-performing assets throughout the cryptocurrency industry's mini green run.
