ADA wallets available on the market have shot up to 100,000 since 22nd March 2022, with the total amount held in them reaching 3.268 million by 19th April.
The activity levels on the Cardano blockchain network are beginning to heat up, with about 400 new projects alongside 100,000 new wallets being created in the last month alone.
A Twitter post from Cardano indicated close to 900 projects in development on the network. This means that this number has increased by 400 compared to the month of March, explained the Input-Output Vice President Tim Harrison.
Input Output @InputOutputHK “As of today, nearly 900 projects are #BuildingOnCardano and this number goes up day by day. ….”
New Projects on Cardano Project Rise, DApps on a Slump
Cardano, a public and proof of stake (POS) blockchain, was developed by Ethereum co-founder Charles Hoskinson in 2017 after leaving the Ethereum team because of disputes.
Pointing at some of the developments on Cardano over the last about ten days, IOHK pointed out six projects, which range from decentralized finance (DeFi) to token swaps apps that went live on the mainnet or launched through beta.
AGIX ERC-20 is one Converter Bride, which was created in partnership with SingularityNET, and is one of the projects attracting a lot of attention. The tool allows users to bridge Ethereum-based ERC-20 tokens on use in the Cardano blockchain and is expected to benefit the DeFi sector.
While the projects are on an uptrend, decentralized applications are way fewer. DeFiLlama only listed ten platforms that accounted for USD224.96 of the total value locked (TVL). Four of the platforms only reported USD0 outside their native tokens.
When it comes to non-fungible tokens (NFTs), Cardano is unable to make even 15 blockchains based on volume. Since launching smart contracts in September 2021, Cardano has been pretty slow and is yet to fully take off and offer the expected competition to Ethereum or reach the level of “Ether killers” like Flow, Avalanche, and Solana.
However, Charles Hoskinson indicated that the tide might change with the upcoming Vasil Hard Fork upgrade in June. He added that it would provide massive improvements to smart contracts and blockchain.
ADA Wallet Grows
One area of strength for Cardano is its wallet, with insights showing that the number of wallets on the blockchain rose to 100,000 since March, 2022. By the 19th April of 2022, the total amount on the wallets stood at 3.268 million.
This implies that every day, about 2,000 to 8,129 wallets are added. Transactions/ payments per day on the blockchain have, however, remained relatively the same. However, transactions over USD 100,000 have shot up by 50X since January 2022. This suggests strong institutional use.