Cardano’s Epoch 340 Is Done As Smart Contract Usage Peaks To 29%
Another era has passed and shows smart contract usage is now 29%
Another Cardano era has passed, allowing us to analyze user behavior on the network and use of smart contracts, which is directly related to the success of a network in the blockchain industry.
As the data suggests, 29% of many transactions on the network were linked to smart contract operations. Transactions with and without metadata using smart contracts remained at 15.6% and 13.5%, respectively.
Epoche 340 ended. Smart contract transactions are growing era after era. Now on approx. 29% of all transaction types. pic.twitter.com/KU1fwN0GGf
— Cardano Blockchain Insights (@InsightsCardano) May 26, 2022
Transactions with metadata but without the use of smart contracts are at 26%. The majority of transactions on the network are still simple ADA transactions, accounting for 44% of the total number of transactions.
It is reported that the number of smart contract transactions and their use is increasing every era. The rising number of smart contract interactions is direct evidence of the fundamental growth of the network.
With the increasing number of transactions using smart contract usage, users spend more costs and generate more revenue for decentralized applications and platforms, rewarding the development process on Cardano.
In March, Cardano was one of the fastest growing networks in the entire industry as it saw the massive increase in the number of decentralized applications and the TVL. As of now, we are seeing a decline in the number of decentralized Cardano app users as the TVL fell to $124 million from its peak of $326 million reached on March 24.
As of now, Cardano has featured at least 10 dApps on the DefiLIama page, with 47% of TVL concentrated in Minswap. At the time of writing, ADA is trading at $0.5 and losing 2.7% in the last 24 hours.