Cardano’s Explosive Ecosystem: 1,240 Projects, 66.3M Transactions, and Djed Leading the DeFi Revolution

Cardano (ADA) has released its weekly report dated May 12, highlighting interesting activities on its network as well as some updates from developers. According to the report, 126 projects were launched on the network over the week with 1240 projects currently in development on the Cardano network.

Another key area of growth is the “Native Tokens,” which recorded 8.24 million. Also, there were 73,114 token policies and 66.3 million total transactions. In addition, 7962 Plutus scripts were recorded. According to Cardano developer Input Output Global (IOG), ADA-backed stablecoin, DJED, is also expanding greatly since going live.

— Input Output (@InputOutputHK) May 14, 2023

The report further highlighted some key development and upgrades undertaken by the various teams. Under the wallets and services, the Daedalus team worked on the proxy server to improve the currency conversion feature. To ensure that a better user experience is achieved, developers introduced several improvements and features.

Users can now recover their wallets using a 12- or 15-word recovery phrase, and view the prices of their available native tokens. Pricing is now displayed in 11 fiat currencies with compact number notation for large numbers. Users can switch between networks with ease and regain access to their wallets using a recovery phrase if they forget their password. Finally, a bug fix ensures that NFTs display correctly in the ‘Tokens’ list and NFT gallery.

Additional updates on other Cardano projects
With the smart contract, the Plutus tools team documented the Marconi-sidechain architecture. They also sought to address some encountered issues by redesigning the resuming capabilities. The Marlowe team also integrated the library functions for the sake of contract safety checks and also ensured that testing of various REST scenarios is automated. With Basho or scaling, the Mithril team released a new 2318.0 distribution. This is said to implement the last migration phase of the aggregator stores.

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