Cardano, one of the most promising ecosystems within the crypto community continued to make developments. Fair to say, Cardano was off to a flying start to February 2022.
On 2 February, Input Output Hong Kong (IOHK), the research and development company behind the Cardano blockchain, announced the increase in the network’s block size by 11%. This would see the total block size grow from the current 72 kilobytes (KB) to 80 KB. Thereby, allowing Cardano’s blocks to carry more transactions.
Reaping benefits now
According to data by Google Data Studio, the Cardano blockchain surpassed the 30 million mark in transaction numbers. As of 8 February, 2021, the total Cardano transactions stood at 30.4 million. There was an addition of over four million transactions since January 10, 2022 as seen in the graph below.
Consider this, since the start of February 2022, Cardano incorporated 894,940 transactions in just 8 days alone. This indeed was one of the major milestones achieved by the network. Apart from this, the number of Plutus-based smart contracts crossed the 1000 mark on 27 January 2022. Per the update, the Plutus script memory unit per transaction would go from 12.5 million to 14 million.
Overall, the proposal to increase Cardano’s block size and memory unit was part of its efforts to optimize the network. With a rapidly growing number of projects launching on the Cardano mainnet, the protocol processed more transactions. This highlighted the need to scale up the blockchain’s overall capability.
In 2022 alone, the number of Cardano wallets surged over 10%, rising from 2,666,372 on January 1 to 3,015,400 on February 7, a total gain of 349,028. The growth translated to the addition of 9,184 wallets daily.
Metrics suggest positivity too
A few On-Chain metric indicators showcased the same narrative despite some setbacks. According to metrics from IntoTheBlock, the overall picture looked quite positive.
Having said that, the native token, ADA didn’t quite reciprocate the same. It was trading at the $1.18 mark with a correction of 2% at press time. Also, it was one of the most criticized topics within the Cardano ecosystem that crypto enthusiasts targeted- the slow price trajectory of ADA. But, as they say at the Cardano Foundation- ‘Slow and steady‘ wins the race.