Cardano, one of the most promising ecosystems, has witnessed an unprecedented rise since its inception. Recently, on March 29, the volume of ADA’s on-chain transactions exceeded $100k increased in 2022 alone by 50x.
This portrayed the strong rise in institutional demand.
wait, there’s more
Cardano’s first Metaverse project reported more than 22,000 landowners on the platform. PaviaCardano’s first Metaverse project, in an April 1 tweet, highlighted this development on the social media platform.
There are now over 22,000 unique wallet holders from https://t.co/lNyCpRhWGo Land NFTs which are great to see but remember you don’t need to own land to visit but you may want some $PAVIA to spend: https://t.co/DfRMkqtEO7 price follow incoming. #cardano #Metaverse #Liquidity pic.twitter.com/p9OCTSZyON
— Pavia.io (@Pavia_io) Apr 1, 2022
Not only this, the ecosystem grew exponentially, gaining millions in capitalization and TVL in smart contracts from recently released platforms and DeFi apps. According to data from DefiLlamathe Cardano DeFi ecosystem has raised nearly $230 million more in funds since early March.
At the time of going to press, the TVL stood at $247 million. While it fell quite a bit from the previous ATH, the chart below noted an uptrend.
In addition, Cardano-based smart contracts crossed the 2,000 mark for the first time. The number of Plutus Scripts increased by 489 between March 28 and March 30, when it stood at 1,671 and 2,160.
According to the statistics from Cardano Blockchain Insights, the number of smart contracts was recorded at 2,272 on April 1.
Indeed, the inclusion of smart contract functionality made Cardano capable of scalability and performance faster than ever before.
This was one of the reasons why several celebrities from outside the crypto niche community teamed up with the network. according to an Announcement on Twitter, Charles Hoskinson, Snoop Dogg and others were set to join Clay Nation on April 5.
— Snoop Dogg (@SnoopDogg) March 31, 2022
Shower some love
The rise of the bullish narrative surrounding the platform sparked an influx of major investors. Cardano network witnessed an influx of major investors. The increase in the number of whale addresses since March 21 has totaled about 1.7%.
— Ali Martinez (@ali_charts) March 29, 2022
Cardano’s own token, ADA, also skyrocketed and felt this love. ADA traded at $1.18 with a fresh 3% increase in just 24 hours at time of printing. However, the ‘steady and slow’ approach did pose problems for the flagship ecosystem. In a sense, it provides opportunities for competitors to outperform. For example, consider this tweet,
+ TVL $345M
+ Days from launch: 1 day
+ TVL $334M
+ Days from launch: 2555 days
— Gojo (@Gojo_Crypto) Apr 1, 2022