Cardano Network Sees Surge in Projects and Native Tokens, IOG Reports

IOG publishes updates on Cardano network developments, including Conway era improvements, smart contract enhancements, and increased project launches. The network sees a surge in projects, native tokens, and transactions, with 170 projects launched and 13 new additions in four months.

Nitish Verma
New Update
Cardano Network Sees Surge in Projects and Native Tokens, IOG Reports

Cardano Network Sees Surge in Projects and Native Tokens, IOG Reports

Input Output Global (IOG), the development and research arm of the Cardano network, has published a new blog post highlighting key developments within the ecosystem. The report covers updates on the Conway era, smart contract improvements, and increased project launches on the network.

Why this matters: The growth of the Cardano network and its increasing adoption have significant implications for the decentralized finance (DeFi) ecosystem, potentially challenging the dominance of established players. As the network's scalability and transaction capacity continue to improve, it may attract more users and liquidity, reshaping the competitive landscape of DeFi.

The development team responsible for performance and tracing scrutinized benchmarks for the Conway era, incorporating Delegate Representatives (DReps) and enhancing the mechanism for reporting errors within the tx-generator. The tracing and performance team expanded node metrics by adding new functionality, including block producer and build information, and completed the analysis of benchmarks focusing on UTXO scaling scenarios.

The Plutus team improved the efficiency of the UPCL programs by enhancing the implementation of the fixed point operator. The Hydra team identified and refactored discrepancies in the network protocol versions and integrated the relevant changes into the /commit endpoint, executing minor workflow fixes to the protocol.

The number of projects launched on the Cardano network has surged to 170, a 2.95% rise from 157 in January, with 13 new projects joining the network in less than four months. The number of projects building on Cardano has increased by 2.95%, from 1,319 to 1,358. The network's native tokens have seen an increase of 5.5%, rising from 9.45 million to 9.95 million since January. The total transactions processed on Cardano have also recorded a significant uptick, rising from 83.4 million to 90.3 million.

The Ledger team has been actively involved in development activities, focusing on the Conway era, and implementing key features such as the bootstrap phase and governance action transition. The education team prepared content for the launch of the DRep Pioneer Program and released the 19th lesson for the Haskell Bootcamp. The Catalyst Fund 12 is currently underway, with interested participants submittingproposalsfrom around the world.

The Cardano protocol's upgrade is strategically timed to capture a larger market share in the Decentralized Finance (DeFi) ecosystem, with the ADA price rising by 2.97% to $0.4636, providing a sense of bullish optimism. The increased trading volume and growing transaction count are expected to attract new liquidity to the network. Overall, the Cardano network is positioning itself to compete with other protocols such as Arbitrum, Polygon, and Ethereum-based protocols like EigenLayer, by maintaining a highly scalable network to meet the expected demand when liquidity increases.