- The Cardano ecosystem has recorded over 1,189 protocols building on it per its weekly update.
- Cardano’s growing fundamentals have repositioned the ADA coin for more ambitious growth.
The Cardano ecosystem has showcased why it remains one of the top contenders as the Ethereum killer with its recently published ecosystem statistics. According to data from Input Output Hong Kong, the company behind the development of the Cardano protocol, a total of 112 projects have launched on the blockchain network with 1,181 projects actually building on the protocol at the moment.
Cardano is a Proof-of-Stake (PoS) blockchain platform that says its goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The core development team has been working hard to make the protocol a ready one for anyone willing to come to build decentralized applications with utilities and use cases that can benefit everyone.
Thus far, Cardano is living up to its potential, and per the update shared by IOHK, the protocol recorded a total of 59.4 million total transactions for the week. Overall, there were a total of 7.59 million native token transactions with 68,641 token policies recorded across the board.
Every Friday, we publish our weekly #Cardano development update. So for the lowdown on what IOG's dev team has been working on last week, head on over and take a look👇https://t.co/ZHjJ83Vv86
— Input Output (@InputOutputHK) January 20, 2023
Cardano was founded back in 2017 and Charles Hoskinson has been leading the core team to focus on building a resilient platform that can beat its competitors with its massive scalability. The protocol opened the floodgates for smart contracts when it launched the Alonzo Hardfork back in September 2021.
Since then, a number of prominent applications have gone live on Cardano, showcasing how it can easily be integrated by both Web2 and Web3-focused innovators. As part of the weekly update shared by IOHK, some important updates including Daedalus v.5.2.0 and Mithril 2302.0 distribution have also been released.
Cardano (ADA) price amidst this ecosystem growth
It is uncommon to find the price of Cardano’s native token (ADA) soar in line with updates from the protocol. User sentiments are often pricked when there is a clear showcase of how the utility of the digital currency will increase over the long term.
Token growth is a function of how well users buy the cryptocurrency, and this only happens when there is a good number of platforms that require ADA for one function or the other. From its use as payment for minting digital collectibles to payment of gas fees, the more protocols are in operation on the Cardano blockchain, the more users can get access to utilize the cryptocurrency.
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At the time of writing, ADA is changing hands at $0.3708, up 9.95 percent over the past 24 hours according to data from MarketCap. Cardano has maintained an impressive growth run over the past course of the month, as showcased in its more than 32% growth rate over the past 2 weeks.
With the growing number of real-world uses making their way to the Cardano ecosystem, ADA is on track to retry its previous highs in the near term. With the recent emergence of eTukTuk, an Electric Vehicle startup that is built on Cardano and the upcoming Djed stablecoin, the protocol has enough fundamentals to support its brewing growth.