IOHK director says more than 500 projects are developing Cardano (ADA)

The Cardano network launched smart contracts in September last year, and a few months later, the first decentralized application, SundaeSwap, was launched on the network. An IOHK executive has said that over 500 projects are currently building on Cardano.

Over 500 projects building on Cardano

The Cardano network implemented the Alonzo upgrade in September 2021 that brought smart contracts to Cardano (ADA/USD). Alonzo was one of the crucial developments in the Goguen era. Since the upgrade, the Cardano network has sought more upgrades, including the Orbis ZK Rollups.

Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

The upgrades launching on Cardano have attracted a wide range of projects. According to the Marketing and Communications Director of IOHK, Tim Harrison, DeFi, NFT and other projects were building on Cardano to use the network’s smart contracts.

In a LinkedIn post, Harrison said,

The Cardano ecosystem continues to grow, with now over 500 projects building on Cardano – from NFT collections to DeFi lending and new wallets. Props to all the IOG team that continues to drive the platform forward. It has been a remarkable journey to get here. And kudos to the innovative, passionate community of builders that has brought this project so far. We’re really just getting started, you know.

Harrison’s tweet also had a pie chart that showed the projects expected to launch on the network. The chart showed that NFT collections accounted for the largest share.

Congestions on SundaeSwap

The launch of the first DApp on Cardano, SundaeSwap, excited the Cardano community. The DEX went live on Cardano towards the end of January, but users started complaining about the congestions being faced on the network.

After the launch of the SundaeSwap DEX, the Cardano network recorded a high level of transactions, and it almost reached full capacity. This raised questions from users over the ability of the network to support more projects.

Nevertheless, Cardano is expected to launch the Hydra upgrade that will boost the scalability of the network and promote high transaction processing. Nevertheless, this has raised scepticism over the ability of Cardano to match up to the rising networks that are focusing more on scalability.