The Cardano network has recorded increased activity over the past month. The blockchain has recorded 400 new projects within this time, while 100,000 new wallets have been created.
Cardano records major growth
The Vice President of the Input-Output HongKong (IOHK) published a LinkedIn Post on Tuesday saying that around 900 projects were under development in the network. 400 of these projects have been under development since March 11.
The Cardano blockchain was created in 2017 by Charles Hoskinson. Hoskinson is also a co-founder of the Ethereum blockchain, but he resigned from the project, saying he did not agree with its direction.
The IOHK talked about six top projects on the Cardano blockchain within the past ten days. The projects include token swaps and decentralized finance applications that went to the ADA mainnet, launched test nets or launched through the open beta.
One of the top new projects on the Cardano blockchain is the AGIX ERC-20 Convertor Bridge, created in partnership with SingularityNET. The tool was launched this week to facilitate bridging ERC-20 tokens for use on the Cardano blockchain. The bridge is expected to offer immense benefits for Cardano’s DeFi sector.
Cardano’s wallet activity has also grown, with the number of new ADA wallets since March 22 reaching 100,000. Currently, there are around 3.26 million ADA wallets. The average growth rate for ADA wallets per day has increased from around 2000 to 8129, while daily transactions dropped from 106,952 on March 22 to 106,525 on April 19.
Cardano’s growth statistics are still lagging
The number of new projects on the Cardano blockchain could be increasing, but the number of decentralized applications (DApps) has been lagging. Data from DeFiLlama shows that the 10 projects on the Cardano blockchain have a total value locked (TVL) of $224.96M. Four of these have a $0 TVL.
ADA is also not doing well in the non-fungible token (NFT) sector. The network is not among the top 15 blockchain networks with the highest NFT sales volumes during the past 24 hours. Out of this list, Theta ranks 15th with sales volumes of only $375.
When ADA launched smart contracts in September last year, it promised to offer competitiveness to other top blockchains such as Ethereum, Solana, Avalanche and Flow. Hoskinson recently announced that ADA could achieve this competitiveness once the Vasil hard fork is implemented in June. The hard fork will offer major performance improvements to the Cardano blockchain.
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