Cardano Blockchain Adds 400 Projects and 100,000 Wallets in One Month

Activity on the Cardano (ADA) blockchain has started to heat up, with 400 new projects being developed and 100,000 new wallets being created in the past month.

According to an April 19 tweet from Cardano parent company Input Output (IOHK), there are nearly 900 projects in development on the network. That number has grown by about 400 since March 11, after IOHK vice-president Tim Harrison said in a LinkedIn post that the total was about 500.

As of today, nearly 900 projects are building on Cardano, and this number is rising every day. Keeping track of everything about this amazingly growing ecosystem isn't easy & that's why we compile a weekly ecosystem digest with exciting developments and data updates.

— Input Output (@InputOutputHK) April 18, 2022

Cardano is a public, decentralized proof-of-stake (PoS) blockchain created in 2017 by ethereum co-founder Charles Hoskinson after he left the team over disagreements over the future direction of the ethereum network.

IOHK noted that Cardano has seen some positive developments over the past 10 days and highlighted six projects ranging from token swaps to DeFi applications launching on mainnet, entering testnets or launching through public testing.

A new project that is getting a lot of attention is the AGIX ERC-20 Converter Bride, which was developed in partnership with SingularityNET.

The tool, which went live this week, will allow users to bridge ethereum-based ERC-20 tokens to use on Cardano, with the network’s DeFi sector expected to be a notable beneficiary.

Despite the growing number of projects being developed, the number of DApps running on Cardano appears to be limited, with DeFi Llama listing only 10 different platforms with a total locked value of $224.96.

In terms of NFTs, Cardano didn’t even crack the top 15 in terms of sales over the past 24 hours, although 15th-ranked Theta generated only $375 in sales during the period.

Cardano has been slowly developing since launching smart contracts in September, with the network yet to fully take off, competing with ethereum and even "ETH killers" like Solana, Avalanche and Flow.

However, Cardano founder Charles Hoskinson said in a recent video posted on his YouTube channel that this trend may soon change with the Vasil hard fork upgrade due to take place in June. This, he said, will "greatly improve Cardano's performance" and its smart contract functionality.

ADA Wallet Surge

One area of strong growth right now is wallet activity on Cardano, with data from Cardano Blockchain Insights showing that the number of ADA wallets has increased by 100,000 since March 22. As of April 19, there were 3.268 million.

just began

— Charles Hoskinson (@IOHK_Charles) April 18, 2022

During this period, the average rate of new ADA wallets per day has soared from around 2,000 to 8,129. However, the number of transactions and payments per day barely increased, falling from 106,952 on March 22 to 106,525 on April 19.

However, loosening the horizon, transactions above $100,000 have increased 50-fold since early 2022, suggesting that strong institutional demand may have emerged.

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