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Cardano (ADA) Hits New Milestone as Native Tokens Reach 7 Million

Sun, 11/27/2022 - 12:50
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Tomiwabold Olajide
Cardano has now surpassed previous milestone reached in native tokens minted
Cardano (ADA) Hits New Milestone as Native Tokens Reach 7 Million
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The Cardano blockchain has reached a new milestone as it now has 7 million native tokens. According to pool.pm data, the number of native assets minted on the Cardano blockchain is now 7,055,456 across 65,652 distinct minting policies.

In September, U.Today reported when the Cardano blockchain hit the milestone of 6 million native assets. Cardano native assets and NFTs bear similarities, technologically speaking, as they are both native assets that can be created using the Cardano node CLI.

Narrowing to specific details, in contrast to fungible native assets, which could consist of millions of interchangeable tokens, an NFT is a single native asset that is immutable and exists on the blockchain forever. To be considered an NFT, a native asset must fulfill additional standards.

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Cardano Sets New Milestone in Native Tokens Issued Following On-chain Growth in August

In 2020, Cardano founder Charles Hoskinson predicted the development that is now seen on the Cardano blockchain. He predicted "hundreds of assets, thousands of dApps, tons of interesting projects and lots of unique and utility."

While the prediction on assets has been exceeded, with millions of native tokens on the blockchain, Cardano is yet to match that on dApps.

The Alonzo hard fork deployment in September 2021 ushered in smart contract functionality that allowed for the development of dApps.

According to recent statistics provided by Cardano builder IOG, 106 projects have been launched on Cardano, while 1,146 are in various stages of development.

As reported by U.Today, Indigo Protocol launched the IUSD stablecoin, reportedly the first of its kind on the Cardano blockchain.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.