400 new projects and 100,000 new wallets in a month on Cardano | Cryptocurrency

The number of ADA wallets has increased by 100,000 since March 22, with the total figure standing at 3.268 million as of April 19.

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

According to an April 19 Twitter post from the creators of Cardano Input Output (IOHK), there are nearly 900 projects in development on the network. The figure has risen by around 400 since March 11, after IOHK Vice President Tim Harrison said the total stood at around 500 via the Linkedin post.

Cardano is a public, decentralized proof-of-stake (PoS) 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.

Highlighting some of the positive developments on Cardano over the past 10 days, IOHK highlighted six projects ranging from token exchanges to DeFi applications that have gone live on the mainnet, entered testnets, or launched via a open beta.

The AGIX ERC-20 Converter Bride, developed in conjunction with SingularityNET, is a new project that is garnering considerable attention.

The tool went live this week and it allows users to link Ethereum-based ERC-20 tokens for use on Cardano, with the DeFi sector of the network expected to be a major beneficiary.

Despite a growing number of projects in development, the number of DApps running on Cardano appears to be limited, with DeFi Llama listing just 10 different platforms representing $224.96 in total value locked (TVL). Notably, four of these platforms have $0 TVL also outside of their native tokens.

On the NFT side, Cardano is not even among the top 15 blockchains by sales volume in the past 24 hours, despite ranking fifteenth Theta which only generated $375 during that time.

It’s been a slow burn for Cardano since the launch of smart contracts in September, with the network yet to fully take off and deliver the promised competition to Ethereum (ETH), or even other “ETH killers” such as Solana. , Avalanche and Flow.

However, founder Charles Hoskinson recently suggested in a video posted on his YouTube channel that the tide may soon turn with the next Vasil Hard Fork upgrade in June. He said it will bring a “massive performance boost to Cardano” and its smart contract capabilities.

ADA Wallet Surge

One area of ​​strong growth right now is wallet activity on Cardano, with data from Cardano Blockchain News showing that the number of ADA wallets has increased by 100,000 since March 22. The total figure as of April 19 stands at 3.268 million.

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

However, zooming out, deals above $100,000 have increased 50x since the start of 2022, suggesting strong institutional demand may already be here.

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400 new projects and 100,000 new wallets in a month on Cardano | Cryptocurrency

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