Despite a delayed debut into the DeFi space, Cardano has maintained a steady uptrend in its TVL since the third week of January. The growth has seen it set a series of all-time highs this month as it approaches the milestone $200 million figure.
In separate news, Input Output Global’s Tim Harrison recently revealed that there are hundreds of projects being developed on Cardano. Harrison shared a LinkedIn post accompanied by an infographic highlighting the various projects building on the smart contracts platform. Details below:
Over 500 projects are in development on Cardano, led by NFT collection initiatives
Tim Harrison, the marketing and communications director at Input Output Global, IOG (formerly IOHK), on Friday told the community that more than 500 projects are currently building on Cardano.
Through a LinkedIn post, the IOG director noted that Cardano is seeing an even higher ceiling in diversifying the network into various blockchain paths. Harrison said that as of 11 March, 517 projects were operating on the network – illustrating the growth Cardano has achieved since it launched the Alonzo upgrade that brought smart contract functionality last September.
Alongside the reveal, Harrison shared a graphic that indicated most developers on Cardano are seemingly interested in NFT projects.
Projects building on Cardano
The upcoming projects in the NFT niche account for a significant 34.7% dominance of all projects on the network. Notably, just over a week ago, minting platform NFT Maker reached the milestone of 800,000 NFTs created on Cardano.
Decentralized exchanges come second with a 6.2% share of the projects building on Cardano. DEX protocol SundaeSwap has been one of the main projects on Cardano. Since its launch in January, it has gained a 60.57% dominance with a TVL of $112.89 million at the time of writing.
Other significant areas that developers are focused on include wallets, DeFi, gaming, and NFT marketplaces, which have a 4.7%, 2.9%, and 4.7% share in the 517 projects, respectively.
Cardano’s TVL will rocket once the Vasil hard fork comes, suggests Charles Hoskinson
Cardano has largely been seen as an underachieving chain since it has, so far, failed to record growth consistent with its fundamentals. While users expected that the Alonzo upgrade would lead to a growth in the TVL and the value of its native token ADA, the network is yet to log any significant changes.
However, according to IOG CEO and Cardano founder Charles Hoskinson, the community should be more patient. Hoskinson explained via a tweet on Saturday that the lack of significant growth in TVL is due to most Cardano projects awaiting the Vasil hard fork slated for a June launch.
Hoskinson stated that after the Vasil hard fork combinator (HFC) event, Cardano dApps would benefit from pipelining – a scaling solution that enhances the network’s efficiency by improving its consensus layer. In his opinion, Pipelining would enable better performance and even higher competitiveness of the network.
In a blog post published on 28 February, Cardano revealed that it would be grouping its coming releases in a bid to enhance predictability for the network’s users. In line with the said plans, Cardano said it had scheduled three major batched code releases throughout 2022. Pipelining, which is expected to come mid-year (during the second code drop), will ship to bring faster block propagation as part of the network’s scaling efforts.
Cardano TVL is on an all-time high path
The total value locked on Cardano peaked at $175.49 million last Thursday before retracing hours later.
Yesterday, the TVL figure eclipsed the Thursday peak and has since been on an ascending path. DeFi Llama data shows that the chain’s TVL is at its highest at $186.37 million – up 5.06% in the last 24 hours.
To learn more about Cardano visit our Investing in Cardano guide.
The post Cardano’s TVL Hits an All-Time High, IOG Executive Says More than 500 Projects Are Building on The Network appeared first on Securities.io.
