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Cardano Reaches New Milestone in Number of Projects Building: Details

Tue, 06/07/2022 - 14:26
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Tomiwabold Olajide
Cardano is seeing inflows of funds from institutional investors
Cardano Reaches New Milestone in Number of Projects Building: Details
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Cardano has reached a new milestone as the number of projects building on the platform has exceeded the 1,000 mark. According to recent data shared by Cardano's parent company, IOHK, the number of projects building has reached 1,003, up from 992 reported over the weekend.

In its most recent weekly report, IOHK supplied the latest network growth statistics, in which it indicated that a total of 89 projects have recently been launched on Cardano, while the number of NFT projects has climbed to 5,796. Cardano native tokens have also surpassed 5 million.

Cardano faces institutional inflows

Cardano is seeing inflows of funds from institutional investors as the demand for the network is on the rise ahead of the Vasil Hard Fork slated for June 29. Over the weekend, on-chain analytics firm Santiment reported that large whale transaction counts have begun to appear on the ADA network, leading to a rise in ADA prices.

On June 6, the ADA price rebounded as much as 15% in the latest crypto market recovery before trimming off gains to trade at $0.587.

Crypto capital venture founder Dan Gambardello reports that asset manager Grayscale has increased its exposure to Cardano.

In late March, Grayscale Investments announced the launch of the Grayscale Smart Contract Platform Ex-Ethereum Fund ("GSCPxE" or the "Fund"), its 18th investment product and third diversified fund offering.

The fund provided investors with exposure to projects such as Solana, Polygon, Avalanche and others.

Cardano got the biggest weighting of the fund with 24.63% then, but now this figure has risen to 32.33%, according to Gambardello.

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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.