Last month, 400 new projects and 100,000 wallets were created on the Cardano network
Despite Cardano’s poor performance in attracting users to the NFT market and decentralized applications, the number of new projects and wallets has increased dramatically over the past month. Cardano co-founder Charles Haskinson also says the network’s next update, which is due in two months, could improve Cardano’s condition.
To Report Kevin Telegraph: Activities related to the Cardano blockchain have grown dramatically, with 400 projects and 100,000 new addresses built in the network in the past 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 in 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, publicized Chinese blockchain that uses a stock proof mechanism. Charles Haskinson was able to launch Cardano in 2017 after leaving the Atrium team due to disagreements over the future direction of the digital currency.
Output Output has highlighted six projects, citing some of Cardano’s positive developments over the past 10 days. These projects are active in various fields, including token trading and other parts of DeFi, some of which have entered the main network, some are in test networks, and some have released a beta version of their program.
One of the projects that has attracted a lot of traders is the AGIX ERC-20 Converter Bridge project, which was developed in collaboration with SingularityNET.
The project was 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 being developed by the Cardano network, the growth rate of its decentralized applications has slowed. The total value of the locked-in capital on the 10 decentralized platforms listed by DeFi Llama is only $ 224.96 million. It is worth mentioning that the total value of locked capital of four of these platforms is $ 0. This total value of $ 0 is obtained by taking into account the native tokens of these platforms, which means that no other tokens are locked in them.
In terms of NFTs, Cardano is not even one of the top 15 Chinese blocks 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 launched smart contracts in September (September 1400). The network does not seem to be fully operational yet, and as promised, it has not been able to compete with Atrium or its so-called killers, such as Solana, Olench, and Flow.
However, Haskinson recently said in a video he posted on his YouTube channel that the trend of this digital currency will change with the upgrade of Vasil hardfork in June. He claims that once the upgrade is implemented, Cardano’s performance and smart contract capabilities will be greatly improved.
Growing number of Cardano wallets
One of the things that has grown so much in Cardano’s network is its wallet activity. Data from the Cardano blockchain show that about 100,000 new wallets have been added to the network since March 22. As of April 19, there were 3,268 million wallets in the network.
During this period, the average number of wallets added to the network in one day has increased from about 2,000 to 8,129. In addition, the number of daily transactions of wallets decreased slightly from 106,952 transactions on March 22 (April 2) to 106,525 transactions on April 19 (April 30).
However, the number of transactions in excess of $ 100,000 has increased 50-fold since the beginning of 2022, indicating that institutional investor demand for Cardano has not yet declined.