Cardano sees a massive growth with 400 new projects in a month

The Cardano blockchain is starting to pick up steam, with 400 new projects in the works and 100,000 new wallets established in just last month.

According to a tweet from Cardano founders Input Output (IOHK) on Tuesday, the network has approximately 900 projects in progress. Since March 11, when IOHK Vice President Tim Harrison announced on Linkedin that the total sat at about 500, the number has increased by about 400.

Cardano is a public and decentralized proof-of-stake (PoS) blockchain built by Ethereum co-founder Charles Hoskinson after he quit the team in 2017 due to disagreements about the network’s future outlook.

IOHK noted six projects that went live on its mainnet, entered test nets, or debuted via open beta in the last ten days, varying from token swaps to DeFi applications. The AGIX ERC-20 Converter Bride, which was developed in partnership with SingularityNET, is one new project that has gotten a lot of attention.

Cardano doesn’t top in DApps and NFTs

Despite an increase in the number of projects in development, the number of Cardano decentralized applications (DApps) that are up and running appears to be limited, with DefiLlama identifying only ten separate platforms accounting for $224.96 in TVL. In addition to their native tokens, four of the platforms offer $0 TVL.

Cardano isn’t even in the top 15 NFT blockchains in terms of sales volume in the last 24 hours, despite the fact that fifteenth-positioned Theta only generated $375 during that time.

Since implementing smart contracts in September, Cardano has been on a slow burn, with the network failing to completely take off and deliver the expected competition to Ethereum or even fellow “ETH killers” like Solana, Avalanche, and Flow.

Notably, the founder of the network, Charles Hoskinson, had talked about DeFi’s future in the past, as TheCoinRise reported.