Cardano Ecosystem Explodes: 1,244 Projects Building on ADA, Massive Hydra and Marlowe Updates – Can It Overtake Ethereum? Report

While the cryptocurrency market faced a slowdown in the previous month, Cardano’s (ADA) ecosystem showcased its strength by achieving significant milestones. Input Output Global, the development team behind Cardano, propelled these accomplishments. Moreover, the roadmap for the next phase of Project Catalyst, Cardano’s leading product incubator, was recently revealed.

Despite the general deceleration in the cryptocurrency market, Cardano exhibited consistent progress throughout May 2023. According to a tweet thread published by Input Output Global, one new project was launched in May, and an additional fourteen projects are currently being developed on the Cardano network. That brings the overall total of running decentralized applications (dApps) on the Cardano (ADA) network to 127.

1/ The weekly development update is released every Friday on #EssentialCardano. This thread recaps the main highlights from the previous month. Discover how many projects launched on #Cardano in May, and the growth of native tokens, token policies, transactions, and scripts. pic.twitter.com/XmLZKLUqO6
— Input Output (@InputOutputHK) May 31, 2023

In May, there was a noteworthy increase in Plutus v1 scripts, reaching a total of 5,790, which reflects a growth of 372. Plutus v2 scripts also saw growth, adding 133 to reach 2,543. Moreover, the number of token policies increased by 2,218, and the number of native tokens minted on Cardano increased by 150k.

The total transaction count experienced a substantial upsurge, surpassing 67.2 million transactions, showing a remarkable growth of more than 1.8 million from April 2023. Progress in the technical realm was evident as well. Cardano Node software (v.8.0.0) was launched, introducing improvements in interactions with on-chain staking pool operators (SPOs).

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