The Cardano ($ADA) network now has over 900 projects building on it, according to its developer Input Output, which also shared a number of developments occurring on the cryptocurrency’s blockchain. These include the launch of an ERC-20 converter and the launch of WingRiders.
According to a tweet Input Output shared with its over 250,000 followers on the microblogging platform Twitter, the number of projects building on Cardano “goes up day by day.”
According to a website tracking Cardano’s ecosystem, the projects building on top of it include a number of non-fungible token (NFT) marketplaces, metaverse projects, gaming applications, decentralized exchanges, lending protocols, oracles, and stablecoin issuers.
The cryptocurrency’s network has been steadily growing ever since the Alonzo hard fork brought smart contracts to it, allowing it to compete with blockchains like Ethereum, BNB Chain, and Solana. Cardano’s upcoming Vasil hard fork is, according to Cardano’s founder Charles Hoskinson, expected to bring a “massive performance improvement.”
As CryptoGlobe reported, the number of wallets being created within the Cardano blockchain has already grown by over 500,000 so far this year, with 453,000 of those wallets being created in the first quarter.
The number of wallets on the cryptocurrency’s network has been growing exponentially. It grew 1,200% year-over-year last year, from around 190,000 ADA wallets in December 2020 to 2.5 million in December 2021. Projects building on Cardano have counted on support from some celebrities, including American rapper Snoop Dogg, who launched an NFT collection that features unreleased music.
Notably, according to CryptoCompare’s latest Asset Report, the price of Cardano’s native currency ADA broke a six-month losing streak by ending the month with a positive return of 18.4%
CryptoCompare’s report details that in March, average daily returns for ADA holders were 0.55%, up from -0.70% in January and -0-20% in February. The cryptocurrency’s annual inflation dropped below the 2% mark.
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