400 new projects and 100,000 new wallets on Cardano
The number of ADA wallets has grown by 100,000 since March 22. As a result, a total of 3.268 million wallets have now been created. There are also 400 new projects in the works on the Cardano Network. New...
The number of ADA wallets has grown by 100,000 since March 22. As a result, a total of 3.268 million wallets have now been created. There are also 400 new projects in the works on the Cardano Network.
New projects and wallets
According to an April 19 Twitter post from Cardano makers Input Output (IOHK), there are nearly 900 projects in development on the network. That number has increased by about 400 since March 11. OHK Vice President Tim Harrison stated via a Linkedin post that the total was about 500.
As of today, nearly 900 projects are #BuildingOnCardano⚒️ And this number goes up day by day. Keeping track of all the news from this incredible ecosystem is not easy & this is why every week we compile an ecosystem digest with highlights & updates.#cardano $ADA
— Input Output (@InputOutputHK) Apr 18, 2022
Cardano is a public and decentralized proof-of-stake (PoS) blockchain created in 2017 by Ethereum co-founder Charles Hoskinson. Hoskinson left the team due to disagreements over the future direction of the network.
IOHK discussed six projects, ranging from token swaps to DeFi applications, that went live on the mainnet. A new project that is getting a lot of attention is the AGIX ERC-20 Converter Bride. This project was developed in collaboration with SingularityNET.
The tool went live this week and will allow users to bridge Ethereum-based ERC-20 coins for use on Cardano. The DeFi sector of the network is expected to be a major beneficiary.
After all these years Cardano has finally found utility, to copy Ethereum. https://t.co/kdwaZaQJGf
— MatiGreenspan.near (@MatiGreenspan) Apr 18, 2022
Cardano’s odds
Despite the increasing number of projects, the number of DApps active on Cardano seems to be limited. DeFi Llama lists just 10 different platforms that account for $224.96 in total value locked (TVL). Four of those platforms have $0 TVL. On the NFT side, Cardano doesn’t even make the top 15 in terms of sales volume over the past 24 hours.
It has been a slow burn for Cardano since the launch of smart contracts in September. The network has yet to get off the ground fully and it must provide the promised competition to Ethereum (ETH) and Solana, Avalanche and Flow.
Founder Charles Hoskinson recently suggested in a video on his YouTube channel that the tide could turn quickly with the upcoming Vasil Hard Fork upgrade in June. He stated that it will be a huge improvement for Cardano and its smart contract capabilities.
Number of ADA wallets increasing
Strong growth is seen in the wallet activity on Cardano. The number of wallets on the Cardano Blockchain has increased by 100,000 since March 22. The total amount on April 19 stands at 3.268 million.
just getting started https://t.co/HGBiJY7n7U
— Charles Hoskinson (@IOHK_Charles) Apr 18, 2022
Within that time frame, the average number of new ADA wallets has increased from approximately 2,000 to 8,129. However, the number of transactions per day barely increased, from 106,952 on March 22 to 106,525 on April 19.
Trades over $100,000 have increased 50x since the beginning of 2022. This suggests that there may already be a strong institutional question is.
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
