Number of Cardano-based smart contracts approaches 1,000

The recent upgrade on the Cardano network that introduced smart contract functionalities is recording significant growth, an aspect that is increasing the platform’s competitiveness with the bigger rival Ethereum.

As of December 8th, the number of smart contracts based on Plutus, a Cardano-based smart contracts platform, had hit a milestone of 888, data released by Cardano Foundation

The smart upgrade was enabled during the September Alonzo upgrade, which meant Cardano could offer decentralized finance (DeFi) applications development platform and programmability.

Therefore, the recent milestone indicates that Plutus is gaining popularity among developers. This comes after Cardano revealed that 800 projects aiming to use the network had applied for $4m-worth of funding in September.