“Cardano Is Getting Too Big”- Charles Hoskinson

Despite the crypto market’s recent savage sell-off, the level of activity on the Cardano network has increased, with hundreds more projects onboarding the Layer 1 network in preparation for the next bull phase.

As of April 18, over 900 projects were built on Cardano, up from 500 in March, and the number is growing every day, according to an IOHK tweet. After the Plutus upgrade, over 2,783 smart contracts were deployed on the blockchain, accelerating growth.

The number of transactions per day has also remained steady, returning to 110,000 after dropping to the 80,000 range earlier in the month. Since the first quarter of 2022, the number of transactions larger than $100,000(R1.6M) has also increased, indicating significant institutional demand. According to ZyCrypto, Cardano whale transactions reached a 4-month high last week as entities with large pockets bought the drop at $0.40(R6.32).

With the Vasil hard fork beckoning, it’s easy to see why the Cardano network has been buzzing. The hard fork is scheduled for June 2022 and is projected to increase Cardano’s transaction throughput, resulting in an increase in volume and liquidity.

The improvement is also likely to push Cardano up the list of “Eth Killers,” which includes Solana, Avalanche, Tezos, and Polkadot. Hoskinson revealed in a recent video on his YouTube channel that the Vasil upgrade will give “massive performance improvement to Cardano” as well as smart contract features.

Cardano launched Genius X last week, an accelerator program that has drawn over $105 million(R1.7B) in ADA to its Initial Stake Pool Offering (ISPO). This pool has attracted underfunded developers because it helps support the projects of those who stake ADA.

Even the network’s founder, Charles Hoskinson, looked overwhelmed by the number of applications being built on Cardano.“I didn’t know about this one. Cardano is getting too big,” he tweeted after the release of Genius X.

The number of ADA wallets has also increased dramatically, with over 100,000 new ones generated in the last month. According to Cardano Blockchain Insights statistics, an average of 2000 new wallets are opened each day. As of May 23, the overall number of wallets was 3.34 million, up from 3.20 million in April. Cardano is currently trading at $0.5473(R8.63), up 2.07 % in the last 24 hours. Its trading volume and market capitalization have also increased by 36.19 % and 2.03 %, respectively.

“Cardano Is Getting Too Big”- Charles Hoskinson

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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