- With hundreds of projects joining the Layer 1 network in preparation for the next bull run.
- As of April 18, more than 900 projects were being built on Cardano, compared to just 500 in March, and that number is increasing every day, as revealed by IOHK in a Twitter post.
- Last week, Cardano launched Genius X, an accelerator program that has attracted more than $105 million in ADA to its Initial Offering (ISPO). This group has been a magnet for underfunded developers as it helps fund projects from those who are betting on the ADA.
- With the Vasil hard fork beckoning, you can see why the Cardano network has been buzzing with activity. The hard fork is scheduled for June 2022 and is expected to increase Cardano’s transaction performance, resulting in increased volume and liquidity.
Despite the cryptocurrency market undergoing a brutal sell-off over the last seven months, the level of activity on the Cardano network skyrocketed, with hundreds of projects joining the Layer 1 network in preparation for the next bull run.
As of April 18, more than 900 projects were being built on Cardano, compared to just 500 in March, and that number is increasing every day, as revealed by IOHK in a Twitter post. This growth has accelerated, with more than 2,783 smart contracts deployed on the blockchain after the Plutus upgrade.
Last week, Cardano launched Genius X, an accelerator program that has attracted more than $105 million in ADA to its Initial Offering (ISPO). This group has been a magnet for underfunded developers as it helps fund projects from those who are betting on the ADA.
The number of projects being built on Cardano seemed too much for even network founder Charles Hoskinson to keep up with.
“I didn’t know about this. Cardano is getting too big,” he tweeted following the release of Genius X.
The number of ADA wallets has also skyrocketed with over 100,000 new ones created in the last month. An average of 2,000 new wallets are opened daily according to data from Cardano Blockchain Insights. The total figure as of May 24 is 3,347,625 wallets compared to just 3.20 million wallets as of April 19.
The number of transactions per day has also remained strong, rising above 110,000 again despite falling earlier in the month to the 80,000 range.
The number of transactions over $100,000 has also increased since the first quarter of 2022, indicating strong institutional demand. Last week, Cardano whale transactions hit a 4-month high as deep-pocketed entities bought the dip to $0.40.
With the Vasil hard fork beckoning, you can see why the Cardano network has been buzzing with activity. The hard fork is scheduled for June 2022 and is expected to increase Cardano’s transaction performance, resulting in increased volume and liquidity.
The upgrade is also expected to accelerate Cardano further up the list of designated “Eth Killers” such as Solana, Avalanche, Tezos, and Polkadot. In a recent video on his YouTube channel, Hoskinson stated that the Vasil upgrade will provide a “massive performance improvement for Cardano” as well as its smart contract capabilities.
