You may have heard the name Cardano (ADA) as a challenger of Ethereum or a platform on which American singer and rapper Snoop Dogg has launched an NFT collection. Cardano is a public decentralized proof-of-stake (PoS) blockchain platform and the first to be founded on peer-reviewed research and developed through evidence-based methods by Ethereum co-founder in 2017. Now the platform has announced adding 400 new projects to the system.
Over 900 projects in total are being held on ADA, Cardano’s digital currency, including NFTs, DeFis and many others. In september 2021, the projects underwent a huge upgrade, adding smart contract possibilities and faster speed than ever. Along with casting up 400 new projects to the work, 100,000 new wallets have also been created on ADA. It is worth mentioning that the total number of Cardano wallets on ADA reach 3,360,761 at the moment.
In spite of adding 400 new projects to the system, the number of Cardano’s decentralized apps (DApps) happen to be limited due to the fact that DefiLlama is listing just 10 different platforms accounting for $224.96 worth of total value locked (TVL). Cardano is offering low prices to its users which appears to be beneficial at first glimpse, however, it shouldn’t be neglected that low price also means less demand for network space. Since launching smart contracts in September, there is a possibility that this could change for the reason that smart contracts require more storage than payments.
Launching smart contracts in September also cooled down Cardano’s progress to a great extent. However, Cardano’s founder, Tim Harrison, has promised to provide a massive improvement to its users. Currently Cardano is fixing its Vasil bugs and another wave of improvement is expected to happen to the network by June 2022. ADA’s wallet surge is also expected to accelerate in the near future with the number of its users growing daily.