With the hydra upgrade approaching, the Cardano community has been concentrating its efforts on assuring sustainable growth and system enhancement. There have been nearly 1000 projects built on the Cardano platform.
Cardano lays out plans to develop its ecosystem
NFT projects have been the most popular on Cardano. When Snoop Dog joined forces with Clay Nation to bring “iconic” NFTs to Cardano, it was a big hit.
As more users gravitate towards projects that enable blockchain interoperability, Cardano has also been stepping up its game in this area. Cardano is already making strides towards cross-chain compatibility following the launch of the K EVM initiative earlier this year. Milkomeda, a Layer 2 Protocol that adds EVM capabilities to non-EVM blockchains, went live on the Cardano mainnet in late March, allowing users to deploy Ethereum DApps for the first time on the Cardano ecosystem. This is expected to increase the number of Ethereum-based DApps and liquidity.
Cardano is also aiming to take a piece of the loan business pie, with the worldwide lending industry market anticipated to reach $26.08 billion by 2028, growing at a CAGR of 24% from 2021 to 2028, according to a recent report. ADALend, a lending protocol on Cardano, announced last month the addition of new bridging functionality between the Cardano and Velas and BSC networks. The functionality that allows users to bridge their ADAL coins (which is still in development) is expected to improve the platform’s usability and functionality.
Staking, Dapps Boost TVL
AADA finance, a Decentralised Finance Lending Protocol built on Cardano, recently began allowing staking of $AADA on their app, just days after Coinbase enabled ADA staking.
Decentralised exchanges have also established themselves on the Cardano network, allowing millions of dollars in liquidity to flow through the blockchain. This expansion has been reflected in ADA’s TVL, which is currently around $299 million, with the majority of the liquidity held in DEXs. Cardano now trails Kusama (KSM), Polkadot (DOT), Solana (SOL), and Uniswap (UNI) in development activity by approximately 311.33%.
Having said that, there is no doubt that the price will react in accordance with the aforementioned signs of progress and reach new highs. ADA is currently trading at $1.03 after reaching a new high of $1.24, a 37% increase from the March 14 price of $0.78.