On top of Cardano (ADA), one of the largest blockchain networks, over a thousand projects are being built. Exactly 1,003 projects are developing solutions atop Cardano. According to a recent tweet from Input Output HK, one of the primary organisations working on Cardano’s development, this is the case.
Cardano Advances with Thousands of Projects
According to Input Output HK, there are precisely 1,003 projects working on the development of Cardano. Intriguingly, 40.4% of them include the development of NFT Collection solutions. Community & Social accounts for 6%, Developer Tools, APIs & Libraries for 4.8%, and games for 4.2%.
Various projects involve data, explorers, trackers, Defi, decentralised exchanges, identity solutions, launchpads, loans, and the metaverse. This demonstrates that Cardano is growing despite the recent market decline and Bitcoin (BTC) falling below $30,000 in value.
Cardano is becoming an obvious alternative to other cryptocurrency projects like Ethereum (ETH) and Binance Smart Chain (BSC). It is currently the fourth largest cryptocurrency if we exclude stablecoins. Bitcoin, Ethereum, and Binance Coin are the only cryptocurrencies greater than Cardano.
ADA’s market value has increased by 14.25% in the past week to $1.53 billion. The highest riser among the top twenty. Therefore, it is evident that the market is interested in Cardano and the answers it has to offer. In addition, its properties make it easier for crypto initiatives to provide more efficient and trustworthy solutions.
Cardano’s market value. Image: CoinSpot
Cardano in the Cryptocurrency Industry
Analysing on-chain activities is undoubtedly crucial. According to Santiment, one of the significant Behaviour Analysis Platforms, ADA’s blockchain network continues to see a high volume of transactions. Evidence indicates that whales (big cryptocurrency holders) have acquired substantial amounts of ADA in the past several weeks.
“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 discussion rate.”
ADA’s prices and transaction volumes. Image: Santiment
Consequently, we observe that Cardano continues to attract many investors and solutions-focused projects. The greater the number of platforms built atop Cardano, the greater the potential number of people who might someday join this blockchain ecosystem.
Other platforms could not sustain the growth that Cardano is witnessing now. Therefore, it would be crucial for the Cardano community to become engaged and identify real-world applications for some of these new suggestions. The market appears to follow Bitcoin’s price movements, so we should closely check it.