Recently around 400 new projects have been added building on Cardano (ADA) network along with 100,000 new wallets being created over the past month. As of April 18, there are over 900 projects in total developing on the network as per a post done on Twitter on Tuesday by Cardano creators Input Output (IOHK).

In a little over a month, the blockchain network has added almost 400 new projects building on its network. Since March 11 there was a rise in the figure after IOHK Vice President Tim Harrison stated through a Linkedin post that the total stood at around 500. The data acquired on April 18 shows that the network added almost 100,000 wallets to its network a month between March 17 and April 17. This was just before the ERC-20 converter got launched by Cardano founder Charles Hoskinson. As of April, there are 3,360,761 wallets on ADA. Earlier this year it crossed the 3 million wallet milestone.

Project AGIX ERC-20 Converter Bride which was developed in collaboration with SingularityNET received a lot of attention. This week the tool went live. Tokens based on Ethereum can be bridged over for use on Cardano, with the network's Defi sector expected to be a huge beneficiary.

The number of decentralized applications (DApps) on Cardano appears to be limited, with DefiLlama listing just 10 different platforms accounting for $224.96 worth of total value locked (TVL). The TVL on four of those platforms is also $0 outside of the native tokens.

Projects built on the platform include non-fungible tokens (NFTs) collections, DeFi lending, and new wallets. The hip-hop artist Snoop Dogg declared about his planning to re-establishing his presence in the cryptocurrency industry. In collaboration with Clay Nation, he will be launching an NFT collection on the Cardano blockchain.

About Cardano : 

In 2017 after Ethereum co-founder Charles Hoskinson left the team over disputes on the future direction of the network, he created the Cardano blockchain. It is a public and decentralized proof-of-stake (PoS) blockchain. The IOHK showcased six projects which include token swaps and decentralized finance applications (DeFi). It went live on the main net and entered test networks or launched through an open beta program.

In September 2021 there was a major upgrade in the Cardano blockchain. The smart contract capabilities were implemented that allowed the network to scale at a faster rate compared to ever before. On June 29, 2022, Vasil Hard Fork. the company Cardano is expecting to have another growth wave.

Indrani Bose

CBW - External Analyst

INDIA