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Cardano’s Expansion Continues with thousands of projects being developed on the network

Over 1,000 projects are being built on top of Cardano (ADA), one of the cryptocurrency market’s largest and most promising blockchain networks. There are exactly 1,003 projects that are developing solutions on top of Cardano. This is in accordance with a recent tweet from Input Output HK, one of the primary groups working on Cardano development.

Cardano is being propelled forward by almost 1,000 projects.

According to Input Output HK, exactly 1,003 projects are working on Cardano’s development. The fact that 40.4 % of these projects are developing NFT Collection solutions is intriguing. 6.0 % are Community & Social, 4.8% are Developer Tools, APIs, and Libraries, and 4.2 % are Gaming.

Other initiatives include data, explorers, trackers, DeFi, decentralized exchanges, identity solutions, launchpads, lending, metaverse, and many more. This demonstrates that Cardano is growing in spite of the recent market downturn and Bitcoin (BTC) falling below R456K.

“Cardano saw 39 whale transactions worth $1m+ between 2pm and 3pm UTC Friday. Since this hour, $ADA’s price has risen +32%. Whales continue to show value in foreshadowing price direction shifts. The asset is also seeing a 17-day high in its discussion rate.

Not to mention that Cardano is quickly becoming a viable alternative to other cryptocurrency projects such as Ethereum (ETH) and Binance Smart Chain (BSC). To give you an indication of how far Cardano has come, it is presently the fourth largest cryptocurrency if stablecoins are excluded. Only Bitcoin, Ethereum, and Binance Coin are larger than Cardano.

On-chain activity analysis is unquestionably vital. According to Santiment, one of the major Behavior Analysis Platforms, ADA’s blockchain network continues to witness a high volume of transactions. Indeed, evidence suggests that whales (big cryptocurrency holders) have bought a lot of ADA in the last several weeks.

On Twitter, Santiment stated:

“Cardano saw 39 whale transactions worth $1m+ between 2 pm and 3 pm UTC Friday. Since this hour, $ADA’s price has risen +32%. Whales continue to show value in foreshadowing price direction shifts. The asset is also seeing a 17-day high in discussion rate.”

Other platforms have been unable to keep up with Cardano’s current rate of growth. As a result, it would be critical for the community to become involved and find real-use cases for some of the new suggestions proposed by Cardano developers. When it comes to price, the market appears to be following Bitcoin, therefore we should keep a watch on it.

Cardano’s Expansion Continues with thousands of projects being developed on the network

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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