Another epoch is finished and shows that smart contract usage is now at 29%
Another Cardano epoch is finished, which allows us to analyze the behavior of users on the network and smart contract usage, which is directly tied to the success of a network in the blockchain industry.
As the data suggests, 29% of many transactions on the network were tied to smart contract operations. Transactions made with and without metadata with the usage of smart contracts stayed at 15.6% and 13.5%, respectively.
Epoch 340 finished. Transactions with Smart Contracts are growing epoch over epoch. Now at ca. 29% of all types of transactions. pic.twitter.com/KU1fwN0GGf
— Cardano Blockchain Insights (@InsightsCardano) May 26, 2022
Transactions with metadata but without the usage of smart contracts are at 26%. The largest portion of transactions on the network is still simple ADA transactions, with 44% of the total number of operations.
Reportedly, the number of smart contract transactions and their usage is increasing epoch after epoch. The rising number of smart contract interactions is direct evidence of the fundamental growth of the network.
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With the rising number of transactions with smart contract usage, users spend more fees and create more revenue for decentralized applications and platforms, which reward the development process on Cardano.
Back in March, Cardano was one of the most rapidly growing networks in the whole industry, as it saw the massive increase in the number of decentralized applications and the TVL. As of now, we see a decrease in the number of Cardano decentralized app users as the TVL dropped to $124 million from the $326 million peak reached in March 24.
As of now, Cardano has at least 10 dApps presented on the DefiLIama page, with 47% of TVL concentrated in Minswap. At press time, ADA trades at $0.5 and losing 2.7% in the last 24 hours.