Cardano price explodes by 20% thanks to smart contracts

• Cardano (ADA) is among the top gainers, rising by more than 20 percent over the past week.
• The protocol’s growth is being powered by enthusiasm for smart contracts and other newly introduced technologies.

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The digital currency ecosystem is seeing an impressive price rejuvenation today and Cardano (ADA), a Proof-of-Stake (PoS) protocol ranks amongst the high flyers. As a top 10 digital currency, ADA is trading at a price of $0.3229, up 2.99 percent over the past 24 hours according to our data.

Per the on-chain data shared, Cardano exploded by a mile over the trailing 7-day period as it notably doubled down on its bullish momentum into the year.

Within this time frame, the coin has soared by 20.55 percent to maintain a market capitalization of $11.15 billion. Cardano’s growth over this period is being bolstered by the robust buying activities as showcased in its trading volume which shot up 19.5 percent over the past 24 hours.

Cardano, like every other blockchain protocol and cryptocurrency, is just recovering from the harsh pangs of the broader crypto winter. The uncertainty in the crypto ecosystem which saw the implosion of some of the industry’s biggest companies including but not limited to Celsius Network and the more recent FTX Derivatives Exchange has placed a wedge on the price of ADA.

Cardano has dropped by as much as 89.57 percent from its All-Time High (ATH) price of $3.10, even though it has maintained a relatively fair ROI of 1390.83 percent according to CoinMarketCap’s data. The current revival in Cardano is a function of its robust technology stack and developments, all of which have been detailed by key stakeholders in its ecosystem.

Cardano price drivers: smart contract, Mithril, and more

For community members that have been following the development updates on the protocol, the current price shoots will not come as a surprise. One major technology update that the Cardano protocol is looking to usher in this year is the introduction and proliferation of next-generation smart contracts. 

With the robust functionality of these new smart contracts, the Cardano protocol will be placed in a unique position to introduce highly functional DApps that are yet to be seen in Web3. As a forward push toward this goal, the first Cardano Smart contract written in eopsin/Python has been compiled and deployed on the preprod testnet according to an update from ImperatorLang.

The first Cardano Smart contract written in eopsin/Python
✅ compiled
✅ deployed
on preprod testnet.https://t.co/bV8nv63q6F pic.twitter.com/YD18g6yw11

— ImperatorLang (@ImperatorLang) January 10, 2023

Additionally, a technology stack dubbed Mithril that will help in powering a light, fast, and efficient solution for the secure bootstrapping of Cardano nodes has also been introduced. According to InputOutput HK (IOHK), the Mithril tech stack will help in fast-tracking the synchronization time for Cardano nodes. 

These new upgrades will contribute to the existing plan by IOHK to bring new stablecoins USDA and DJED as well as introduce layer-2 protocols on top of Cardano this year. The goal for Cardano is efficiency, a move that will help it maintain its stance as a superior blockchain protocol compared to the other PoS alternatives.

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