Projects on Cardano Blockchain Surge to 917

Kelly Cromley

2 years ago

As per the latest tweet from IOHK, the foundation backing Cardano (ADA) project, the blockchain has hit a milestone of hosting 917 projects. When queried about the time necessary to reach 1,000 projects, IOHK tweeted stating that this is only a small percentage of what is expected in the months to come. Notably, Cardano advocates are eagerly awaiting the Vasil June hard fork. In recent times, Cardano addresses have surpassed the 3.60 million mark, as per Messari on-chain info. As per Cardano blockchain analytics, there are more than 4.50 million native tokens, over 900 projects, and more than 5,000 distinct NFTs on the blockchain.

The details presented above reflect the exponential growth and interest in Cardano blockchain. In spite of the stunning growth, Cardano team and its advocates are working to advance the network through the implementation of interoperability (compatibility with other blockchains), as per the latest IOG blog post. In this vein, Input-Output Global intends to unveil a fresh permissionless EVM sidechain in 2022. This sidechain intends to facilitate Cardano developers to code smart contracts using Solidity and build EVM (Ethereum Virtual Machine)-compatible dApps and ERC20-compatible tokens.

At least 917 projects #BuildingOnCardano 🤯 and just a fraction of what is to come…

With Vasil HF coming in June, opening the whole range of further opportunities for developers & #ProjectCatalyst Fund8 voting underway, when do you think we'll cross 1K? 🚀
#Cardano pic.twitter.com/ho2YaBo87i

— Input Output (@InputOutputHK) April 28, 2022

The main aspects of the EVM sidechain will be total compatibility with Ethereum overhauls and tools, Web3 wallet compatibility, utilization of the PoS (proof-of-stake) Ouroboros Byzantine Fault Tolerance consensus protocol, and also the capability to receive protection from the main chain of Cardano. In the meanwhile, Cardano’s holding company IOHK has entered into a partnership with Wanchain to pave way for interoperability between Cardano mainnet, Cardano sidechains, and the rest of the blockchain frameworks.

After hitting a low of $0.816 on April 26, the price of ADA token is currently consolidating. While writing this article, ADA was trading at $0.822, reflecting a drop of 2.38% in the last 24hours. ADA is currently trading at a discount of 73% from the all-time peak of $3.10 recorded in September 2021.