With the Hydra update fast approaching, the Cardano community has been focused on ensuring constant growth and improvement of the system. Cardano, which is currently in the Basho phase, which aims to create a streamlined ecosystem to support and foster the development of decentralized applications (DApps), has already seen considerable growth, with almost 1,000 projects based on Cardano Until now.
NFT Project Leader: The Shine of Cardano Interoperability
The NFT projects have had the highest level of activity on Cardano with 47.9%, as creators and users bet on the promising stellar performance of the blockchain. American rapper Snoop Dog has been the latest Cardano NFT sensation with the singer teaming up with Clay Nation to bring ‘iconic’ NFTs to the network.
As more users turn to projects that enable cross-blockchain interoperability, Cardano has also upped its game on this issue. After launching the K EVM program earlier this year, Cardano is already moving forward with cross-chain compatibility. In late March, Milkomeda, a layer 2 protocol that brings EVM capabilities to non-EVM blockchains, went live on the Cardano mainnet, allowing users to deploy Ethereum DApps on the cardano ecosystem for the first time. This is set to bring more DApps and liquidity based on ethereum.
With the market size of the global credit industry estimated to reach $26.08 billion by 2028, registering a CAGR of 24.0% from 2021 to 2028 according to a recent report, Cardano is also preparing to take a piece from the cake. Last month, ADALend, a lending protocol on Cardano, announced new bridging functionality between the Cardano network and the Velas and BSC networks. The functionality that allows users to link their ADAL coins (which have not yet been developed) is set to increase the usability and functionality of the platform.
Staking, Dapps Boost TVL
AADA Finance, a decentralized financial lending protocol built on top of Cardano, recently began allowing $AADA participation on its app, days after Coinbase opened up ADA participation.
Decentralized exchanges have also been installed on the Cardano network, allowing millions of dollars in liquidity to flow through the blockchain. This growth has been reflected in the TVL of ADA, which currently stands at around $299 million, with most of the liquidity in DEX. Cardano now trails Kusama (KSM), Polkadot (DOT), Solana (SOL), and Uniswap (UNI) with approximately 311.33% in development activity.
That said, there is no doubt that the price will act on such signs of progress to make new highs. ADA is currently trading at $1.03 after hitting a new high of $1.24, which is a 37% increase from the March 14 price of $0.78.