In September 2021, the Cardano (ADA) network had a substantial upgrade that included the implementation of smart contract capabilities, which enabled the network to grow and operate at a quicker rate than it had previously been able to.
A number of significant milestones have been reached on the network in recent months, as development on the blockchain has surged boosted by the upgrade.
Indeed, the Cardano ecosystem continues to grow, with currently 517 projects being built on ADA as of March 11, including non-fungible tokens (NFTs) collections, DeFi lending, and new wallets, according to a LinkedIn post by Tim Harrison, the Marketing and Communications Director at Input Output Global, the creators of Cardano.
“The #Cardano ecosystem continues to grow, with now over 500 projects #BuildingOnCardano – from NFT collections to #DeFi lending and new wallets. Props to all the IOG team that continues to drive the platform forward.”
Notably, NFT collections account for the largest share of the projects building on Cardano with 34.7%. Finbold recently reported on March 6 that the number of NFTs minted on Cardano surpassed the 800,000 milestone.
Cardano network continues to scale and develop
However, despite the continued growth of the ADA ecosystem, Cardano is forming its 7th straight monthly red candle, marking a continuation of the prolonged bearish period for the largest Proof-of-Stake (PoS) asset.
As a result of all of Cardano’s developments, traders are keeping a careful eye on the cryptocurrency to see whether it can escape a seventh straight red candle or if there is a suitable entry opportunity to buy Cardano.
Interestingly, the CoinMarketCap crypto community bets Cardano to trade at $1.50 by March 31; however, with Cardano presently trading at $0.79 at the time of publication, it remains to be seen if the digital asset can maintain an upwards trajectory that almost doubles its value in a little more than two weeks.