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Cardano has 517 projects locked in with NFT accounting for the largest share

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March 13, 2022 by Lipika Deka

Cardano’s ecosystem continues to grow by leaps and bounds. A Twitter user by the pseudonym TTS17 shared a LinkedIn post by Tim Harrison, creator of the blockchain, showing the number of projects building on ADA. The data which is in the form of a pie diagram indicated that there are 517 projects being currently deployed on Cardano as of March 11.

Of that, NFT collections occupied the major chunk of the pie comprising 34.7% of ADA’s projects. This was followed by Decentralized exchanges or DEX and the gaming sector hitting second and third positions. Recently the proof-of-stake [PoS] blockchain achieved a new record of the number of NFTs minted on Cardano crossing a staggering 800,000.

Of late, a number of significant milestones have been registered on the network, as development on the blockchain has received a further boost from the recent Alonzo upgrade in September 2021.

The upgrade has brought smart contract capabilities, which enabled the network to grow and operate at a much faster rate than it had previously been able to. In reference to that, Cardano founder Charles Hoskinson called it the most “significant change in the history of the protocol.”

Whales accumulation in Cardano network hit ATH
As per data from the blockchain analysis firm, IntoTheBlock showed that wallet addresses with 1 million to 10 million coins rose to an all-time high of 12 billion ADA [$9.72 billion] last week. Notably, this was an impressive 41 percent jump since January,

The accumulation by these large-cap investors hints at a possible bull run for ADA’s price action. In September, before the downtrend, whales were on a dumping spree leading to a significant sell-off, which eventually acted as an advance indicator of the upcoming price fall in the asset price movement.

Another significant development was from DefiLama, a site that tracks DeFi data, which showed the total value locked [TVL] in the Cardano network increased by $50 million in just 7 days, reaching a record high of $160.79 million. Data also suggested that roughly 70 percent of the funds are locked in SundaeSwap, reflecting supporting the growing popularity of the decentralized exchange.

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