Another Significant Milestone As Number of Projects Building on Cardano Surpasses 1,000

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Cardano has continued to prove its critics wrong to achieve yet another significant milestone.

In a stunning feat celebrated across the Cardano community, the number of decentralized applications (dApps) currently being built and preparing to launch on the blockchain has surpassed 1,000.

NFT Projects Outnumber Others

According to data shared by Input Output Global (IOG), the firm responsible for the research and development of Cardano, as of yesterday, the number of projects building on Cardano soared to 1,003.

1003! 🎉

That’s how many projects are currently #BuildingOnCardano 💪

Join us at @Consensus2022 or at the free #CardanoAtConsensus meetup in Austin on 6/08 & connect with some of the people behind some of #Cardano’s exciting projects!

— Input Output (@InputOutputHK) June 6, 2022

The projects built on the blockchain cut across various cryptocurrency niches, including crypto wallets, stablecoins, NFT marketplaces, community & social, decentralized exchanges (DEX), gaming, decentralized finance (DeFi), and lending, among others.

Per the data, out of the 1,003 decentralized applications built on Cardano, most projects are non-fungible tokens (NFTs) collections, representing a massive 40.4%.

The second-highest projects are community and social, representing 6% of the entire dApps under development on the Cardano blockchain.

As illustrated in the data shared by the IOG:

NFT collection represents the highest number of projects under development on Cardano, with 40.4%.
Community and social dApps represent 6% of the total projects being built on Cardano.
4.2% of the projects are classed under the NFT marketplace.
DEX, Gaming, DeFi, Lending, and Metaverse, represent 3.8, 4.2, 2.1, 1.7, and 4.1 percent, respectively.
Crypto wallets and stable coins claim 3.7% and 1.2%, respectively.
Data explores, Dev Team, and Developer tools share a combined 9.4%.
Oracles, identity solutions, Launchpad, and other projects share a combined 11.8%.

Rising Interest in Cardano’s Features

The development suggests a growing interest among decentralized application developers in building on Cardano.

Unlike most projects, Cardano encountered a slow start, with the project not having a single decentralized application for more than three years after it launched in 2017.

However, following the implementation of the Alonzo Hard Fork Event in September 2021, the upgrade introduced smart contract functionality, thus making it possible for developers to start building decentralized applications on Cardano.

Not many projects were interested in building on Cardano in the initial stages. Interestingly, since the beginning of the year, things have changed as more projects keep launching on the blockchain.

Benefits of Building on Cardano

Building on Cardano comes with many perks, as developers get to enjoy fast and low-cost transactions, scalability, funding, and zero downtime.

Despite the benefits associated with Cardano, IOG is still committed to making developers’ journeys smooth, as the Cardano team is planning to implement the Vasil Hard Fork in the latter part of this month.

According to Charles Hoskinson, the CEO of IOG, more dApps will be built on Cardano when the Vasil upgrade is implemented.

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Source: https://thecryptobasic.com/2022/06/07/another-significant-milestone-as-number-of-projects-building-on-cardano-surpasses-1000/?utm_source=rss&utm_medium=rss&utm_campaign=another-significant-milestone-as-number-of-projects-building-on-cardano-surpasses-1000