Activity on the Cardano blockchain is starting to heat up, 400 new projects along with 100,000 new wallets

Activity on the Cardano (ADA) blockchain is starting to heat up, with 400 new projects underway and 100,000 new wallets created in the past month.

400 new projects and 100k new wallets in a month on Cardano

According to the founders of Cardano Input Output (IOHK), there are nearly 900 projects under development on the network. This has increased by about 400 since March 11, after IOHK Vice President Tim Harrison said the total number of visits was around 500.

Cardano is a Proof-of-Stake blockchain that was created by Ethereum co-founder Charles Hoskinson in 2017 after he left the team due to disputes over the future direction of the network.

While pointing out some positive developments on Cardano over the past ten days, IOHK highlighted six projects ranging from token swaps to DeFi applications that have gone live on the mainnet, participated in the testnet, or launched via open access beta.

A new project receiving considerable attention is the AGIX ERC-20 Converter Bride, developed in partnership with SingularityNET. The tool went live this week. It allows users to connect via Ethereum-based ERC-20 tokens for use on Cardano, with the DeFi sector of the network expected to be a significant beneficiary.

Despite more and more projects being developed, the number of DApps set up and running on Cardano seems limited, with DeFi Llama listing only ten different platforms accounting for a total value of $224.96 locked. Notably, four of those platforms have $0 TVLs that are also outside of their native tokens.

In terms of NFTs, Cardano doesn’t even make it into the top 15 blockchains in terms of sales volume in the last 24 hours, despite the fifteenth Theta generating only $375 during that time.

Cardano has been slow since launching smart contracts in September, with the network still not quite mature and providing the promised competition with Ethereum (ETH), or even the destroyers. ETH like Solana, Avalanche, and Flow.

However, in a video posted on his YouTube channel, founder Charles Hoskinson recently hinted that the situation could soon change with the upcoming Vasil Hard Fork upgrade in June. He claims it will provide a “major performance improvement for Cardano” and its smart contract capabilities.

One area that is growing strongly 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 is 3.268 million. During that time frame, the average rate of new ADA wallets per day increased from around 2,000 to 8,129. However, the number of transactions/payments per day has barely increased, falling from 106,952 on March 22 to 106,525 on April 19.

Zooming out, however, transactions larger than $100,000 have grown 50-fold since the start of 2022, suggesting strong institutional demand may already be there.

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