Cardano, the popular blockchain network, has achieved a significant milestone by surpassing 71.2 million transactions, according to the latest weekly report by Input Output Global (IOG), the builder of Cardano.
The network has also witnessed a substantial increase in the number of native tokens, which currently stands at an impressive 8.55 million, minted across 77,035 token policies. Additionally, the blockchain has become home to 134 launched projects, while an astounding 1,264 projects are currently in various stages of development.
Impressively, Cardano’s transaction count has displayed remarkable stability even during bear market conditions, showing an upward trajectory from its yearly lows, as noted in an analysis provided by IntoTheBlock in May. The rise in transaction volumes further emphasizes the increased activity within the network.
This surge in transactions can be attributed, in part, to the introduction of the Hydra upgrade in May. Hydra, a Layer-2 scaling solution, enhances Cardano’s throughput and scalability by facilitating transaction processing on a sidechain.
Moreover, Cardano’s decentralized finance (DeFi) applications have witnessed a significant surge, with the total amount of ADA placed in these applications reaching an all-time high of 720.27 million ADA, according to data from DefiLlama.
IOG’s recent weekly report also highlights several other notable advancements within the Cardano ecosystem. The Lace team has released version 1.3, which introduces support for “ADA Handle.”
This feature allows users to utilize regular and personalized handles, which can be tested in the preview testing environment. Furthermore, Mithril, a highly anticipated project, is approaching its beta launch on the mainnet, demonstrating the continuous progress of Cardano’s development.
In terms of funding innovation, Cardano’s Project Catalyst, an innovation fund, has witnessed an overwhelming response in its latest phase. Fund 10 received an impressive 1,577 proposals during the submission phase, signifying the vibrant and active community surrounding Cardano. Proposal authors now have until July 17 to make any necessary edits to their ideas before the final edit stage concludes.
The recent achievements of Cardano, such as the milestone of 71 million transactions, the surge in native tokens, and the growth in projects and DeFi applications, exemplify the network’s robustness and potential for widespread adoption.
Cardano’s continuous advancements, demonstrated by the Hydra upgrade and the upcoming launch of Mithril, further solidify its position as a leading blockchain platform. With the thriving Project Catalyst fostering innovation, Cardano’s future appears brighter than ever.
