The Cardano ecosystem is growing at a rapid pace primarily due to several fundamental developments. More and more projects are building on Cardano as the network heads for a major upgrade.
According to information from IO Global, 886 projects were building on Cardano as of the end of March. Additionally, the majority of them, or nearly half are NFT collections. Therefore, in this article, you will learn what is making the Cardano Ecosystem grow so fast.
Influencers and Institutions are Trusting Cardano
American rapper, Snoop Dogg, is the latest big name to choose Cardano. Last week, he partnered with Metaverse and NFT project Clay Nation to launch nonfungibles on the network.
Also, the University of Zurich has partnered with the Cardano Foundation to develop blockchain education and specialized research to contribute to Cardano’s development.
Moreover, Cardano is supporting the development of crypto business incubators in Africa in collaboration with related institutions. This is a graphic that reflects the diversity of projects that are built on Cardano.
However, DeFiLlama is reporting that there are just 10 DeFi apps on Cardano. Additionally, the total value locked between them is just $298 million. In conclusion, Cardano still has a long way to go and we will be watching its development. On the other hand, another reason that explains the growth of Cardano is its latest upgrade.
Basho Upgrade
Charles Hoskinson is confident that more projects will join the ecosystem this year. Furthermore, he attributed this to the Vasil hard fork scheduled for June. Last month, he stated:
“What most also don’t understand is that many Cardano DApps are waiting for the Vasil hardfork in June to launch to benefit from pipelining. So it seems we ain’t seen nothing yet on TVL.”
Vasil is part of the Basho upgrade phase. It will introduce “diffusion pipelining” which facilitates faster block propagation and validation times. As a result, it will allow larger blocks and increased transaction throughput without changing the consensus mechanism.
Also, the “Basho” phase of the upgrade roadmap will focus on scalability. Additionally, it will improve smart contract capabilities with a new technology called Hydra to further boost network throughput.
The #Cardano ecosystem is booming!💥
Creative & valuable projects are lighting⚡️up the #blockchain space..making a whole lot of noise in the industry.Test your ecosystem knowledge….#NFTs, #ProjectCatalyst, #dApps, on-chain utility & more!https://t.co/FGdPtkCMVw#CardanoQuiz
— Cardano Community (@Cardano) April 7, 2022
Other launches such as layer 2 Milkomeda in late March have also driven growth for this blockchain. Milkomeda enables Ethereum dApps to be deployed in the ecosystem.
ADA Price Outlook
The network may be in a growth phase but that has not been reflected in token price performance. As a result, ADA prices have been bearish this month falling back to the one dollar level.
At the time of writing this article, the price of ADA is currently down 1.8% in the last 24 hours, trading at $1.02. It has lost 13.6% in the past fortnight and is down 67% from its September all-time high of $3.09. Also, its marketcap is at $32.6 billion, and it is in the 8th position of coins with the highest marketcap in the entire industry.
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