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Most promising projects on Cardano Blockchain

Last Updated: July 28, 2022By

Cardano has been knocked down the crypto top ten by market cap, with LUNA and XRP taking their place. However, the price of ADA has been climbing in recent months, and it may recapture prior highs as the market mood shifts optimistic.

Cardano (ADA) is trading at $1.20 at writing, up 30% in the last month. As a result, ADA is the best-performing cryptocurrency in market capitalization. The price of ADA has started rising after a multi-month decline that saw it go from an all-time high of over $3 to less than $1 in 2022. Several causes are fueling the present rise.

Also, read – Cardano’s founder talks about Web3 and Bitcoin’s comfort

According to IOG, Cardano’s principal developer, this involves the full implementation of smart contract capabilities, an increase in developer activity recorded by the network, and the enhancement of Cardano to make it more decentralized and scalable.

Above all, the variables above have resulted in an ecosystem boom. Hundreds of projects are being developed on Cardano, which might re-ignite the Ethereum Killer narrative.

Some of these projects were recently highlighted by IOG. The firm stated on its official Twitter account:

Milkomeda is one of these efforts. This project, created as a scaling option for Cardano, will combine the network with Ethereum Virtual Machines (EVM) capabilities. On March 28, the Cardano project was unveiled. This network will be able to interface with other blockchains in the future, like Avalanche and Algorand.

IOG also announced Ergo, a decentralized exchange that will launch on April 4 on the Cardano testnet. With the upcoming debut of Singularity’s converter bridge solution and real asset tokenization with the Indigo Protocol, this network will see even more practical applications.

Cardano’s growth has exceeded expectations, and institutions are clamoring for more ADA.

Charles Hoskinson, the project’s creator, praised the project’s progress. Hoskinson forecasted a surge in the number of projects built on the network and the number of assets issued on Cardano in 2021. He stated that “millions” of both have exceeded his expectations on Twitter.

As the network prepares for another Hard Fork Combinator (HFC) event in the coming months, this number appears to rise. Hoskinson believes “Vasil” will cause another increase in the network activity, with a potential total value locked in (TVL).

As a result, ADA’s price may be able to maintain its rally in the medium to long run. Institutional investors may have picked up on this future trend, according to data from IntoTheBlock, as the number of addresses exchanging huge sums in ADA continues to rise.

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About the Author: Diana Ambolis

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