• Thu. May 23rd, 2024

Cardano Network Aims to Work on Web3 and DeFi Space

Hassan Mehmood

ByHassan Mehmood

Apr 4, 2022

Cardano network is the brainchild of Charles Hoskinson, a developer and mathematician also affiliated with the Ethereum network. Recently, Hoskinson shared news of another massive milestone crossed for the Cardano network. With the latest updates, project integrations, and scalability protocols Cardano network has become the largest PoS ecosystem.

Commenting on the matter, IOG CEO Hoskinson recently took to social media platforms to shed further light on the prospects for the network. He recently claimed that the network is looking to create a deeper integration with Web3 and DeFi space. At the start of the current year, Hoskinson shared a detailed roadmap for the network and he also hosts a YouTube channel to keep updating the stakeholders.

New Projects by Cardano

Morgan Schofield is the head of ecosystem development and growth at IOHK. He recently posted another important milestone update for the Cardano network. His tweet reads that the Cardano network has minted 4 million NFTs with success. He also added that there are around 50k distinct mint contracts.

Speaking on the matter, Schofield also commented that the Cardano network has made digital ownership very easy for the common man. It is important to note that the number of singular artist NFT mints is higher on the Cardano network. Hoskinson admitted that he was not expecting the adoption to grow so massive at the start. He claimed that rather than aiming for thousands of tokens and DApps on the network he should have predicted millions of local token issuance and hundreds of DApps.

Schofield claimed that the main reason for the massive adoption of Cardano network assets around the globe is its scalability. He also called the Cardano ecosystem a compatible network for several types of tokens and digital assets. Recently, the ADA native token of the Cardano network has exceeded from $1 price evaluation.

On-chain data analysis suggests that the investors have started to accumulate once again. IntoTheBlock also indicates that the token accumulators have become the most active group on the network recently. The update from IntoTheBlock reveals that the digital addresses with 10-100 and 100k-1 million ADA tokens became the most aggressive buyers after ADA gained 10% in the last 24 hours.

Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

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