The Cardano ($ADA) network now has over 1,000 projects building on it, according to its developer Input Output, which also shared the nature of these projects.
According to a tweet Input Output shared with its over 250,000 followers on the microblogging platform Twitter, the number of projects building on Cardano is now above 1,000 and the largest share of them are non-fungible token (NFT) collections.
Other projects building on Cardano include stablecoins, wallets, oracles, lending protocols, metaverse platforms, startup incubators, decentralized finance protocols, social platforms, and decentralized exchanges among others.
The cryptocurrency’s network has been steadily growing ever since the Alonzo hard fork brought smart contracts to it, allowing it to compete with blockchains like Ethereum, BNB Chain, and Solana. Cardano’s upcoming Vasil hard fork is, according to Cardano’s founder Charles Hoskinson, expected to bring a “massive performance improvement.”
As CryptoGlobe reported, research from leading digital assets data provider CryptoCompare has shown that Cardano’s code repository has seen a 12% increase in the number of contributions being made ahead of the implementation of the Vasil hard fork.
CryptoCompre’s latest Asset Report details Cardano’s developer activity has been growing steadily over the last few months, with commits on GitHub recently growing from 5,314 to 5,939 as the team prepares for the Vasil hard fork, scheduled for June 29.
The report details that Cardano’s price fell 17.1% last month to close May at $0.63, which is the “lowest end-of-month price ADA has seen in over 12 months.” The cryptocurrency’s trading volume against the U.S. dollar notably rose 31.2% during the month, with larger volumes coming with a 173% spike in volatility.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash