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Cardano Projects Building on Blockchain Spike to 917 Before Vasil Hard Fork

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Fri, 04/29/2022 - 09:31
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Tomiwabold Olajide
Cardano now has over 917 projects building on it
Cardano Projects Building on Blockchain Spike to 917 Before Vasil Hard Fork
Cover image via stock.adobe.com

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According to recent Twitter updates shared by IOHK, Cardano now has over 917 projects building on it.

In the Twitter post, IOHK predicts that this is just a fraction of what is to come while asking the question of when Cardano projects will reach the 1,000 mark as the Vasil June hard fork approaches.

Cardano addresses have recently surpassed the 3.6 million count, according to Messari on-chain data. According to Cardano blockchain analytics, there are already over 4.5 million native tokens, over 5,000 unique tokens (NFTs) and over 900 projects based on Cardano.

This might suggest the overall growth and adoption of the Cardano network. Despite this, Cardano participants and the community as a whole are not relenting on Cardano's wider adoption. As indicated in a recent IOG blog post, the capacity to work with other blockchains, or interoperability, is crucial.

Along these lines, Input-Output Global plans to release a new permissionless EVM sidechain this year. This sidechain aims to make it possible for Cardano developers to write Solidity smart contracts and create EVM-compatible dApps and ERC20-compatible tokens.

The key features of the EVM sidechain will be full compatibility with Ethereum upgrades and tools, Web3 wallet compatibility, the use of the proof-of-stake Ouroboros Byzantine Fault Tolerance consensus protocol and also the ability to inherit security from the Cardano main chain.

Cardano's parent firm IOHK, and Wanchain, announced their collaboration to facilitate interoperability between the Cardano mainnet, Cardano sidechains, and other blockchain networks, as previously reported by U.Today.

After touching lows of $0.816 on April 26, the ADA price is currently stabilizing. ADA was trading at $0.822 at the time of publication, down 2.38% on the day. ADA is currently trading at a discount of 73% to its all-time high of $3.10 set in September 2021.

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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.