There are over 1,000 projects being developed on top of Cardano (ADA), one of the largest and most promising blockchain networks in the cryptocurrency market. Three are exactly 1,003 projects building solutions on top of Cardano. This is according to a recent tweet shared by Input Output HK, one of the main groups working on Cardano’s development.
Over 1,000 Projects Help Cardano Move Forward
As reported by Input Output HK, there are exactly 1,003 projects working on Cardano’s development. The interesting thing is that 40.4% of these projects are building NFT Collection solutions. 6.0% are related to Community & Social, 4.8% refer to Developer Tools, APIs and Libraries, and 4.2% focus on gaming.
Some other projects are related to data, explorers, trackers, DeFi, decentralized exchanges, identity solutions, launchpads, lending, metaverse, and many other things. This shows that Cardano is expanding despite the recent market downturn and Bitcoin (BTC) moving below $30,000.
Let’s not forget that Cardano is becoming a clear alternative to other cryptocurrency projects such as Ethereum (ETH) or Binance Smart Chain (BSC). Indeed, just to have an idea of how far Cardano has moved, it is now the 4th largest cryptocurrency if we don’t consider stablecoins. Bitcoin, Ethereum, and Binance Coin are only larger than Cardano.
ADA has now a market capitalization of $1.53 billion and it has expanded by 14.25% in the last 7 days. The largest gainer among the top 20. Therefore, we see that there is a clear interest in Cardano and the solutions that it has to offer to the market. Furthermore, thanks to its characteristics, it makes it easier for crypto projects to offer more efficient and reliable solutions.
Analysing on-chain activity is definitely important. According to Santiment, one of the largest Behavior Analysis Platforms, ADA continues to see a large number of transactions on its blockchain network. Indeed, data shows that whales (large cryptocurrency holders) have purchased large quantities of ADA in recent weeks.
Santiment wrote on Twitter:
“Cardano saw 39 whale transactions worth $1m+ between 2pm and 3pm UTC Friday. Since this hour, $ADA’s price has risen +32%. Whales continue to show value in foreshadowing price direction shifts. The asset is also seeing a 17-day high in discussion rate.”
Therefore, we see that Cardano continues to attract a large number of investors and projects that work on different solutions. The larger the number of platforms being developed on top of Cardano, the larger the number of users that could eventually become part of this blockchain ecosystem.
Other platforms were not able to continue with the growth that Cardano is currently experiencing. Therefore, it would be very important for the community to get involved and find real use cases for some of these new proposals offered by Cardano developers. When it comes to price, the market seems to be following what Bitcoin does, therefore, we should keep an eye on it.