The Cardano network has achieved a remarkable milestone of over 71 million transactions since its inception, according to the weekly report by Input Output Global, the company behind Cardano.
The report also revealed that the number of native tokens on Cardano has grown to 8.55 million, minted under 77,035 token policies. Additionally, 134 projects have been launched on Cardano, while 1,264 are in different stages of development on the blockchain.
Moreover, the report reveals that the network has witnessed the deployment of 134 projects so far. Additionally, an impressive number of 1,264 projects are currently in various stages of development. These projects span diverse sectors, including DeFi, NFTs, gaming, identity solutions, education initiatives, and more.
One project close to its beta launch on the mainnet is Mithril, a protocol that enables verifiable credential issuance on Cardano. Mithril uses Atala Prism identity solution to offer users a secure and decentralized means to validate their identity and credentials.
Another project that is making progress is Lace, a platform enabling users to create and manage personalized handles for their Cardano addresses. The latest release, v.1.3, includes support for regular and custom handles through its “ADA Handle” feature.
Cardano’s Transaction Activity And DeFi Momentum
The Cardano network has also seen a significant increase in its transaction activity and DeFi adoption in recent months. According to IntoTheBlock, an on-chain analytics firm, the transaction count remained stable during the market downturn and even increased from the yearly lows.
Furthermore, the network’s transaction volume also showed a clear uptrend, indicating increased activity on the network. One contributing factor to this surge could be the implementation of the Hydra upgrade in May. This upgrade introduces Hydra as a Layer-2 scaling solution that enhances the network’s throughput and scalability by processing transactions on a sidechain.
Another factor that may have boosted the network’s activity is the rising demand for DeFi applications. According to DefiLlama, a DeFi data aggregator, the total value locked (TVL) in DeFi protocols on the network has reached new highs of 720.27 million ADA, equivalent to about $1 billion.
Cardano’s Innovation Fund Attracts Over 1,500 Proposals
The Cardano network promotes innovation and community engagement through its Project Catalyst fund, which is a decentralized treasury system that empowers users to propose and finance projects that benefit the ecosystem.
The fund recently closed its proposal submission phase for Fund 10, with a record-breaking 1,577 proposals submitted. The proposal authors have until July 17 to edit their ideas before they enter the final edit stage.
The Project Catalyst fund is part of the network’s Voltaire era, which aims to achieve full decentralization and self-governance.
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