One of the largest blockchain ecosystems, Cardano is building its empire with hundreds of new crypto projects around it. Cardano has emerged with a first third-generation cryptocurrency known as ADA to tackle the problem of scaling and infrastructure on a transactional level.
However, Cardano has reduced the long-time existing problems of scalability, decentralization, finality, and sustainability in the cryptocurrency industry. Today, the Ethereum blockchain challenger, Cardano (ADA) is emerging as a new platform for developers and crypto projects.
According to the latest Twitter post by Input Output Hong Kong (IOHK), hundreds of projects are set to launch based on the Cardano blockchain. These include projects related to sidechains, stablecoins, NFTs and marketplaces, launchpads, converters bridges, games, oracles, and many more. The list doesn’t end here.
As per the new post, IOHK has given a glimpse of what’s happening in the Cardano ecosystem. Sooner Cardano will host Snoop Dogg’s unreleased music NFTs. Whereas, Mineswap, a decentralized exchange (DEX) platform is collaborating with COTI Networks to implement stablecoins. Also, a cloud computing platform that provides access to the decentralized shared storage spaces Lagon is migrating to Cardano.
IOHK also revealed the new NFT marketplace about to launch on Cardano. Some of them are NFT Maker (NMKR), ADANFT, Jam on Bread, and JPG Store. Many new creators and artists have already engaged themselves in these new NFT marketplaces to showcase their artwork. Surely, new opportunities also rise with as many platforms available for them to make revenues.
According to the vice president of IOHK Tim Harrison, 517 projects are building on Cardano. Out of which 35% are NFT-related platforms while DEX platforms and services are only 6%. Currently, the Cardano ADA ranks at 8th position on CoinMarketCap platform and is trading at $0.953480 USD with a 24 hour trading volume of $811,971,765 USD. However, the price is a little on a downside by 1.7% from yesterday.