Cardano (ADA) Continues to Build & Grow.
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 is also 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.
Grayscale has increased their allocation towards #Cardano in their Smart Contract Platform Ex-Ethereum Fund. Now 32.33% from the prior weighted fund amount of 24.63%.
As per recent data from Messari, Cardano has recorded the highest 24-hour adjusted volume of transactions. Cardano outperformed leading cryptocurrencies like Bitcoin and Ethereum in adjusted transaction volumes, with a 24-hour volume of $10.71 billion.
Thanks to the excitement surrounding its upcoming Vasil Hard Fork, ADA surged over 20% to become one of the best-performing cryptos last week. The Vasil hard fork is due at the end of June. It aims to improve the network’s performance and make it easier for developers to use the Cardano blockchain to create applications. This is important as the competition for Ethereum alternatives continues to grow.
Per the trading stats of June 6, ADA has left behind major cryptocurrencies as investors see potential in the latest upgrade. As that aims to enhance blockchain capabilities to execute smart contracts.
To guess the possible price movements over the event, we must first consider what Cardano Improvement Proposals (CIPs) include. The upgrade adds four CIPs, including CIP-40 (Collateral Outputs), CIP-33 (Reference Scripts), CIP-32 (Inline Datums), and CIP-31 (Reference Inputs). The CIP-31 is mainly expected to reduce the transaction costs on the Cardano blockchain.
Per statements of Cardano’s development team on the first week of May, “reference scripts reduce your transaction costs. Currently, new scripts need to be included in each transaction. With reference scripts, you can interact with the script through a reference, pushing it onto the chain. Interaction with a smart contract becomes minimal.”
Cardano will be hosting at @Consensus2022 or at the free #CardanoAtConsensus meetup in Austin on 6/08 & connect with some of the people behind some of #Cardano’s exciting projects!
