Cardano Network Growth Diversifies Across Metrics

Cardano ranked as the eighth-largest cryptocurrency based on market capitalization continues to attract attention and acclaim for its pioneering vision and executing smart contracts, managing digital identities, facilitating decentralized applications, and more.

Drawing from the popular sci-fi TV show “Westworld,” Cardano founder Charles Hoskinson used an example from the show, which is about a future amusement park where lifelike android hosts take care of the needs of human guests.

In a recent speech, Hoskinson discussed an essential scene in “Westworld” where the park’s creator, Dr. Robert Ford, explains how to make lies.

He used this scene to explain what makes ADA different from other cryptocurrencies, saying, “What we do is subtle.” That’s the main difference.”

When I think of the why behind Cardano contrasted with the rest of the industry, I can't help but recall this scene from Westworld where Dr. Ford eloquently explains how magic is made.

What we do is subtle. And that's what makes all the difference. pic.twitter.com/3ig3eEdPUm

— Charles Hoskinson (@IOHK_Charles) February 26, 2024

Several vital measures show how quickly Cardano’s network is growing. The latest weekly report from Cardano’s research arm shows a transaction count of 85.8 million. Moreover, the number of native tokens has also increased to 9.67 million.

Cardano’s Growing Ecosystem and Ongoing Technological Progress

Cardano has also seen 160 projects start up, and another 1,327 projects are in different stages of development on its network.

Progress is still being made, as shown by projects like improving the output from the client CLI and adding new features to SanchoNet. Mithril is also working on adding a new data type for verifying Cardano transactions in its networks.

The Mithril team has made a lot of progress in making it possible to verify ADA transactions directly in web browsers by using the WASM client. Similarly, the Hydra team has said they have made a lot of progress in the last few weeks in improving the model-based testing system.

However, despite the positive developments, Cardano’s native cryptocurrency ADA experienced a 1.75% decline over the past 24 hours, reflecting broader market downturns. At present, ADA is trading at $0.581.