The Cardano blockchain network now has over 500 projects under development according to Tim Harrison, IOHK Communications Director.
The Cardano blockchain has made remarkable progress in recent years, thanks to a number of breakthroughs such as the long-awaited smart contract functionality of the Alonzo Upgrade.
The number of wallets for ADA, the blockchain network’s native token according to the Cardano Foundation, has increased by over 1,500 percent in just over a year, from 190,000 at the end of 2021 to 3 million by the end of January 2022.
The Cardano ecosystem continues to grow, with 517 projects based on ADA as of March 11, including non-fungible tokens (NFTs) collections, DeFi lending, and new wallets according to a LinkedIn post by Tim Harrison, the Marketing and Communications Director at IOHK.
Surprisingly, NFT collection projects make up the majority of Cardano projects, accounting for 34.7 percent.
Cardano, which has grown into a significant network for minting NFTs, recently saw the number of NFTs minted via its NFT MAKER tool surpass 800,000. NFT MAKER is the first public Mint On-Demand tool based on the Cardano blockchain, according to its creators.
The Cardano network token ADA, on the other hand, has had a rocky ride from it’s all-time highs in early September 2021, and look set to fall for the seventh month in a row due to the sluggish start to life of Cardano smart contract deployment and other variables.
That should change soon, thanks to a string of excellent achievements in recent months, the most recent of which is a huge growth in its total value locked (TVL), which has surpassed $200 million for the first time.
In addition, the network’s incubation of over 500 businesses will result in a tremendous capital rotation, locking immense value within the ecosystem.
Cardano may have been battered in the market, considering the efforts being made to develop the blockchain and make it more effective in processing transactions, the future can only be bright.