It is a well-known fact that Cardano maintains its network and is under active development at all times. This is currently moving to the decentralized finance (DeFi) side, although developers continue to flock to the network. As a result, the volume traded on the blockchain has skyrocketed. Most of them are inspired by all the developments underway and give investors good news.
Cardano volume grows
Cardano is one of the most well-known decentralized finance (DeFi) platforms in crypto space. However, given that it was supposed to be delayed and participated in the game, it only caught up with other established DeFi players and debuted the smart contract feature in September 2021. This was not a deterrent for developers and investors, but those who flocked to take advantage of the unique opportunities presented by the Cardano network.
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With the launch of developments such as the Vasil hard fork, which is expected to be operational soon, the transaction volume has increased significantly. This gives Cardano an edge over top players such as Avalanche and TRON. These smart contract platforms have been tug of war on most volumes for some time. But Cardano is ahead of most competitors.
ADA price trending at $0.58 | Source: ADAUSD on TradingView.com
That amount ranks third in the list of the most abundant smart contract networks. Due to its popularity among investors, it lags behind the big players Ethereum and Solana, whose volumes continue to be strong.
Project development grows
Cardano is also increasing the number of projects being developed on the network. This is due to the fact that the platform is mostly community owned and has fast and cheap transactions, making it ideal for developers and investors who want to escape the high network charges charged to Ethereum. Provides options.
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On Monday, Cardano developer IOG used a Twitter account to celebrate the fact that over 1,000 projects are being built on the Cardano ecosystem. The exact number was 1,003 projects at the time. TweetCrosses various niches of decentralized finance (DeFi) spaces. However, the NFT collection makes up the majority of these projects, and 40.4% of all projects being built are for non-fungible tokens (NFTs).
This growth shows that interest in the Cardano network continues to rise, even though the price of the native token ADA remains low. With so many projects being developed, it is expected to lead to the influx of new funds into the network. Therefore, it causes the price of ADA to rise over time.
Featured image from CryptoSlate, chart from TradingView.com
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