Developer Activity In The Cardano Ecosystem Is Accelerating In Recent Months

Best In

Trending Tokens




Developers flock to Cardano to build their new projects, protocols, products, and services. Hundreds of new projects are in development today, with more likely to follow. In addition, the momentum has swung in favor of Cardano’s ecosystem, as more technical improvements will come to the network soon. 

Cardano Development Spikes

It has been an interesting month for Cardano. While the price momentum is lackluster, the developer activity is heading in the right direction. There is a renewed interest in building blockchain-based solutions spanning various industry segments. Cardano Input-Output founders claim there are close to 900 projects in development on the network.

That number is pretty solid, considering roughly 500 projects were being developed in mid-March 2022. Noting such a strong increase in activity confirms Cardano’s technology stack provides benefits developers may not find elsewhere. For example, the proof-of-stake network is more environmental-friendly than proof-of-work blockchains like Ethereum. Moreover, it has much lower fees and better throughput, creating a potent combination.  

Even more interesting is the variety of projects being built on Cardano today. Ethereum development mainly focuses on DeFi, NFTs, and P2E gaming. On the other hand, Cardano sees various new projects, including token bridges, wallet solutions, payment options, etc. It is good to see multiple networks catering to different ideas, even though Cardano may build momentum in DeFi and NFTs following the Vasil hard fork in June 2022.

Smart contracts are a crucial aspect of the broader ecosystem. Although initial adoption was relatively slow – roughly 900 contracts in late 2021 – things are certainly picking up in recent months. Since the Alonzo upgrade, going live in September 2021, the activity has accelerated significantly. 

New Projects Going Live

Per CardanoCube, it is evident the number of projects on Cardano continues to grow quickly. Several industry segments can be identified, including gambling, insurance, payments, stablecoins, infrastructure, Metaverse, etc. Moreover, plenty of new projects are being added to the platform, including the play-to-earn game Max0speed, Ekival (trading of funds, goods, and services through escrow smart contracts), and SweetDAO (a community-owned decentralized exchange). 

As Cardano makes inroads in the world of non-fungible tokens, developers need to provide the necessary infrastructure. ADANFT can serve as one of the top NFT marketplaces on Cardano for the ecosystem and supports the Nami wallet, which is one of the more popular wallet solutions. The NFT marketplace is built by the AdaSwap team. 

Marketplaces will be in high demand moving forward, as new NFT collections launch on Cardano in droves. Recent additions include Annoying Macaque, Abstract Art, Turf Cartographic Art, ADA Beach Surfers, Galactic Misfits, etc. The upcoming Vasil hard fork will bring more improvements to Cardano, paving the way for broader NFT – and other – initiatives thanks to various improvement proposals and tweaks.  

Why Is Momentum Accelerating Now?

Behind-the-scenes developments continue to improve the appeal of Cardano as a builder-oriented ecosystem. One recent example is the addition of the ERC-20 Converter, which facilitates the deployment of solutions on Cardano through Ethereum-based tokens. SingulartyNET is the first project exploring the option, as the ERC-20 converter is still in the testnet phase.

Community members are also excited about Hydra, a “Layer-2” solution for the Cardano ecosystem. Better scaling will benefit any ecosystem and introduces many exciting possibilities for the future. Moreover, Hydra is a multi-pronged approach to maximize throughput, reduce latency, and incur low to no costs while doing so. In addition, it reduces storage requirements. 

Solutions like Hydra and the Vasil hard fork will benefit many projects building on Cardano, Profila; the zero-knowledge advertising network is one such beneficiary. When dealing with consumer data and advertising, any reduction in storage requirements, fees, and improvement in throughput is welcome. Cardano can play a crucial role in redefining the AdTech industry, although its technology stack can support a growing variety of ideas and concepts

Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Next Story