Cardano’s Ecosystem Explodes, Why ADA Could Be Quick To Resume Bullish Trend
January 07 2022 - 5:00PM
NEWSBTC
Cardano (ADA) has followed the general trend in the market and
records losses across the board. The seventh crypto by market cap
trades at $1.22 with a 2.2% and 10% loss in the past 24 hours and 7
days, respectively. Related Reading | What’s Beef? Reviewing The
Historic Battle Of Ethereum vs. Cardano However, Cardano continues
to be one of the most active ecosystems in the crypto industry.
This won it the title for most active project on GitHub in 2021 as
developers rushed in to explode its smart contract and
interoperable capabilities. As the Marketing and Communications
Director for Input Output Global (IOG) Tim Harrison reported, the
Cardano project has over 67 active repositories, with 106 releases,
over 38,000 GitHub commitments, and more. Harrison wrote the
following giving credit to the community: (Cardano) is the most
active project to date. That’s just core work. With community
tools, scripts, APIs & a fast expanding dApp ecosystem, there
are 100s more repos out there, steadily filling with code from
every corner of the community. Still, the network has seen backlash
from users and critics claiming that it has failed to quickly
introduce dApps, and projects capable of leveraging its smart
contracts capabilities. Deployed with Hard Fork Combinator (HFC)
event “Alonzo”, these capabilities have been lived for over four
months. In that sense, IOG released a list with the projects
already building use cases on Cardano which included: decentralized
exchanges (DEX), identity, blockchain gaming, an oracle service,
and others. The company claimed that developers “have been working
restlessly” on these implementations. Amongst the listed project,
the company mentioned Adax, a decentralized exchanged built on
Cardano and audited by cibersecurity firm BTC Block. In addition,
DripDroz, a platform for token distribution parameters, and
Martify, a platform to deploy blockchain solution, made it to the
list. Cardano DeFi, An Expanding Ecosystem? As NewsBTC reported,
Cardano has been deploying dApps since the implementation of HFC
event Alonzo. In addition to the aforementioned projects, IOG
mentioned AnetaBTC, a project to roll-out a synthetic version of
Bitcoin (BTC) on this network, and Minswap, a multi-chain DEX.
There were many other projects on the list as the company attempted
to demonstrate the level of activity and the number of projects
building and already deployed on this network. IOG added the
following: We could go on and this would be a lengthy thread indeed
Hopefully this gives you a flavor of all the work going on with
projects busy Building On Cardano. Massive thanks to all projects
for sharing their news (…). Related Reading | Cardano Deploys First
DEX, Why ADA’ s Price Could Receive a Boost The growing ecosystem
build around this network seems poised to contribute with ADA’s
long-term appreciation. In the short term, the cryptocurrency could
see further downside if Bitcoin is unable to find support and
bounce from its current levels.
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