The Cardano network has garnered a lot of attention in recent months, and this scientific peer-reviewed blockchain is expected to achieve even greater success in the future. Cardano supporters are hoping for another moon landing, and the blockchain’s founder, Charles Hoskinson, predicts that surging interest in cryptocurrency is on the way.
The Staggering Number of Cardano Projects
Since its inception in September 2017, the Cardano project has been touting itself as committed to rigorous research and testing. After considerable delay, Cardano has eventually executed the Alonzo hard fork, which heralded the arrival of smart contracts (self-executing computer programs) in the crypto sector.
Following this initial upgrade, the Cardano network has experienced additional significant upgrades and made big steps forwards. Currently, the number of Cardano-based projects has topped 517, with NFT collections accounting for the lion’s share (34.7%) of all the projects.
Charles Hoskinson, Cardano founder and Ethereum co-founder, said this is merely the beginning. In a recent Twitter post, Hoskinson predicted that there would be a giant wave after June with the introduction of the Vasil hard fork.
The Vasil hard fork, named after the founder’s late friend Vasil Dabov, will be launched in June. The hard fork seeks to provide a variety of scalability advancements for DeFi, DEXs, and smart contracts.
On-disk storage for UTXOs, updated Plutus CIPs, Pipelining, and Hydra are just a few of the scaling components included in Cardano’s overall plan. These enhancements will better Cardano’s transaction throughput and fine-tune the network to support a broader range of DEXs and decentralized apps in the upcoming time.
ADA Moonshot Poised for Greater Success
According to statistics given by DefiLlama, the total value locked in the Cardano network has been rising steadily and is presently valued at about AUD 270 million, a significant increase from the previous month. SundaeSwap, the decentralized exchange system developed by Cardano, is where more than 57% of the money are locked.
ADA reached a peak of AUD 4.27 ($3.09) on September 2 and has lost more than 74% of its value since then. At the time of writing, the eighth-largest cryptocurrency by market capitalization was trading at AUD 1.11 ($0.8) per unit, representing a 0.55 % rise in value over the previous 24 hours.
While the poor performance of ADA may be of great concern for some community members who anticipated more rapid gains, Hoskinson seems to expect that the project’s update in June will propel it to new heights.