Cardano records 400 new projects building on ADA in a month

The Cardano blockchain is starting to pick up steam, with 400 new projects in the pipeline and 100,000 new wallets established in the last month.

According to a tweet from Cardano founders Input Output (IOHK) on Tuesday, the network has approximately 900 projects in progress. Since Mar. 11, when IOHK Vice President Tim Harrison announced on Linkedin that the total stood at around 500, the number increased by about 400.

Cardano network expansion

On the platform, projects like non-fungible tokens (NFTs) collecting, DeFi loans, and new wallets are all being developed.

In terms of NFTs, hip-hop legend Snoop Dogg revealed that he is re-establishing his presence in the cryptocurrency industry. His most recent partnership is with Clay Nation, which will publish an NFT collection on the Cardano blockchain.

IOHK selected six projects ranging from token swaps to DeFi applications that went live on the mainnet, joined test nets, or launched via open beta to highlight some of the positive events on Cardano over the last 10 days.

The AGIX ERC-20 Converter Bride, which was developed in partnership with SingularityNET, is one new project that has received a lot of attention.

The tool, which went live this week, allows users to transfer Ethereum-based ERC-20 Tokens to Cardano for use, with the network’s DeFi sector likely to benefit significantly.

A slow burn for Cardano

Despite an increase in the number of projects in development, the number of Cardano decentralised applications (DApps) that are up and running appears to be restricted, with DefiLlama identifying only ten separate platforms accounting for $224.96 in total value locked (TVL). In addition to their native tokens, four of the platforms offer $0 TVL.

Cardano isn’t even in the top 15 NFT blockchains in terms of sales volume during the last 24 hours, despite the fact that fifteenth-ranked Theta only generated $375 during that time.

Wallet activity on Cardano is now experiencing rapid growth, with data from Cardano Blockchain insights indicating that the number of ADA wallets has surged by 100,000 since March 22. As of Apr. 19, the overall figure was 3.268 million.