The Cardano blockchain network welcomed nine new projects in the past month, with ecosystem projects also rolling out new improvements.
Input Output Global (IOHK), the research and development team behind the Cardano network, has published its latest ecosystem report. The report shows that nine new projects started building on the blockchain in the past month alone.
Recall that in its mid-December update, IOHK noted that there were 1,310 projects building on Cardano. However, in its latest report, dated January 19, the number has risen to 1,319. Within the same timeline, four new projects were launched on the network, raising the number of total launches from 153 to 157.
While Cardano may have witnessed more significant growth in the past, the latest metrics underline sustained developer interest in the blockchain’s ecosystem. Additionally, greater development activity typically attracts more users.
In this respect, the Cardano network handled three million transactions from mid-December to the time of the latest report.
For context, the network saw only two million transactions within the same monthly period between November and December 2023, data from IOHK shows.
Cardano Sees Ecosystem Improvements
The latest IOHK report also suggests that several improvements to the Cardano network are paving the way for increased developer and user activity. Over the past week, developers building core Cardano products have reported significant progress.
- Advertisement -
For instance, the Marlowe team, which is building out smart contract functionality on the network, completed a stress test on block utilization and also introduced a benchmark to help developers manage the contract lifecycle.
The team also improved features related to its web application and vesting contract tool.
Meanwhile, Cardano’s Project Catalyst Fund 11 took another step toward completion. The 250 community moderators selected to pick the best projects on Cardano to receive funding made significant progress.
The team submitted over 70,000 moderations that will be reviewed within the coming week as voting enters its final phase.
Notably, these ecosystem developments have not been reflected in the price of Cardano (ADA). The cryptocurrency is trading at $0.49, reflecting a 7% decline in the past week.
Cardano’s price action also reflects the broader state of the cryptocurrency market, as investors struggle to find new narratives to stimulate price growth in a post-Bitcoin ETF approval environment.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
TapTax - Cardano Crypto Taxes Made Simple. Available Now!
Simplify your Crypto Tax experience! From a passive holder, to day trader, to NFT project, we have your taxes covered.BUY NOW!