Despite Cardano’s poor performance in attracting consumers to the NFT market and decentralized applications, the number of new projects and portfolios has increased dramatically in the last month. Cardano co-founder Charles Haskinson also says the next update of the network, expected in two months, could improve Cardano’s condition.
According to the Kevin Telegraph, Cardano blockchain activities have increased dramatically, with 400 projects and 100,000 new network addresses built in the last month alone.
Input Output (IOHK), the developer of the Cardano blockchain, announced on Twitter on April 19 that there are about 900 projects under development on the Cardano network. As it turns out, the number of these projects has increased by 400 compared to March 11 (March 20, 1400). On that date, Tim Harrison, vice president of Output Outputs, announced on LinkedIn that there were 500 projects under development on the network.
Cardano is a decentralized public blockchain in China that uses a stock-proof mechanism. Charles Hawkinson managed to release Cardano in 2017 after leaving the Atrium team due to disagreements over the future direction of the digital currency.
Output Output highlighted six projects, citing some of Cardano’s positive developments over the past 10 days. These projects are active in various areas, including token trading and other parts of DeFi, some of which have entered the core network, some are in test networks, and some have released a beta version of their program.
One of the projects that attracted many retailers was the AGIX ERC-20 Converter Bridge project, which was developed in collaboration with SingularityNET.
The project launched last week as a bridge between Atrium-based ERC-20 tokens and the Cardano network. It seems that the project has many applications in the field of defense.
However, despite the increase in the number of projects developed by the Cardano network, the growth rate of its decentralized applications has slowed. The total value of the concluded capital in the 10 decentralized platforms listed by DeFi Llama is only 224.96 million dollars. It is worth mentioning that the total value of the concluded capital of four of these platforms is $ 0. This total value of $ 0 is obtained by taking into account the own tokens of these platforms, which means that no other tokens are locked in them.
In terms of NFT, Cardano is not even among the top 15 Chinese blocs in terms of “sales volume in the last 24 hours”. Theta is in 15th place with sales of only $ 375 in the last 24 hours.
The network has grown very slowly since Cardano released smart contracts in September (September 1400). The network does not yet seem to be fully operational and, as promised, is unable to compete with Atrium or its so-called killers such as Solana, Olench and Flow.
However, Haskinson recently said in a video posted on his YouTube channel that the trend of this digital currency will change with the upgrade of Vasil’s hardfork in June. He claims that once the upgrade is implemented, Cardano’s performance and smart contract capabilities will be significantly improved.
One of the things that has grown so much in the Cardano network is the activity of the portfolio. Data from the Cardano blockchain show that about 100,000 new wallets have been added to the network since March 22 (April 2). As of April 19, there were 3.268 million wallets online.
During this period, the average number of portfolios added to the network in one day increased from around 2,000 to 8,129. In addition, the number of daily portfolio transactions decreased slightly from 106,952 transactions on 22 March (2 April) to 106,525 transactions on 19 March. April (April 30).
However, the number of transactions over $ 100,000 has increased 50-fold since the beginning of 2022, indicating that Cardano’s demand from institutional investors has not yet declined.
The publication Last month, 400 new projects and 100,000 portfolios were created in the Cardano network first appeared in Arzdigital.