- The number of projects on the Cardano Network has surpassed 1,000.
- A breakdown of the type of projects being built on the Cardano Network shows that 40.4% of these projects being built on the Network are NFT collections.
- ADA is still in oversold territory, despite all that is happening in its ecosystem.
The Cardano network continues making strides and has now surpassed one major milestone, which is the number of projects building on the Cardano network.
Recently, the number of projects building on the Cardano Network surpassed 1,000. The number now stands at 1,003.
A breakdown of the type of projects being built on the Cardano Network shows that 40.4% of these projects being built on the Network are NFT collections, which is the category with the highest percentage in the breakdown.
Breakdown of projects being built on ADA Network (Source: Twitter (NYSE:TWTR))
The project with the next highest percentage is Community and Social projects, with the category making up 6.0% of the 1,003 projects on the network.
ADA still in oversold territory (Source:TradingView)
Looking at the technicals for ADA, the token is still in oversold territory, and its price is being held down by bears as the ongoing bear market persists. The price of ADA has also been on a decline since peaking at around $2.55.
Despite the fall in price and the crypto bear market, Cardano is becoming a popular platform for blockchain developers because of the team’s rapid pace of innovation aimed at making the network the fastest, most performant network in the crypto space.
The team also plans to deploy a number of upgrades in the coming months, which will increase the network’s throughput, which is the transaction processing rate. This will make it an even faster network.
Perhaps one of the biggest upgrades coming is the Vasil Hard Fork. Cardano (ADA) investors and the broader crypto community are eagerly awaiting the Hard Fork Event.