Another Significant Milestone As the Number of Cardano-Based Projects Exceeds 1,000

Cardano dapps

The number of decentralized applications (dApps) being constructed and set to launch on the Cardano blockchain has topped 1,000; a fantastic achievement celebrated across the Cardano community.

NFT projects take more places in the blockchain

According to data supplied by Input Output Global (IOG), the company in charge of Cardano research and development, as of yesterday, the number of projects based on Cardano had risen to 1,003.

Crypto wallets, stablecoins, NFT markets, community & social, decentralized exchanges (DEX), games, decentralized finance (DeFi), and lending are just a few of the applications developed on the blockchain.

According to the data, non-fungible tokens (NFTs) collections account for 40.4 percent of the 1,003 decentralized applications created on Cardano.

Community and social projects rank second, accounting for 6% of all dApps being developed on the Cardano blockchain.

According to the statistics provided by the IOG:

  • With 40.4 percent, NFT collection represents the most projects in development on Cardano.
  • Community and social dApps account for 6% of all projects launched on Cardano.
  • The NFT marketplace accounts for 4.2 percent of all projects.
  • DEX, Gaming, DeFi, Lending, and Metaverse account for 3.8, 4.2, 2.1, 1.7, and 4.1 percent of the total.
  • Crypto wallets have 3.7 percent, and stable coins have 1.2 percent, respectively.
  • Data exploration, Dev Team, and Developer tools account for 9.4 percent of the total.
  • Oracles, identity solutions, Launchpad, and other projects account for 11.8 percent of the total.

Read also: Cardano’s Founder Likens Solana to Old Nintendo Consoles and Explains Why He Criticizes Terra and Other Blockchains

Growing Interest in Cardano

The development shows that decentralized application developers are more interested in working on Cardano.

Cardano, unlike most projects, had a delayed start, with the project not having a single decentralized application for more than three years after its introduction in 2017.

However, following the execution of the Alonzo Hard Fork Event in September 2021, the upgrade added smart contract functionality, allowing developers to begin building decentralized applications on Cardano.

In the early phases, few projects were interested in building on Cardano. Interestingly, things have altered since the beginning of the year as more blockchain initiatives have launched.

Related article: Cardano will reveal “amazing” features of input endorsers next week – Charles Hoskinson

The Advantages of Building on Cardano

Building on Cardano has many advantages, including fast and low-cost transactions, scalability, funding, and zero downtime.

Despite the benefits of Cardano, IOG remains committed to making developers’ journeys easier, as the Cardano team plans to implement the Vasil Hard Fork later this month.

According to Charles Hoskinson, CEO of IOG, after the Vasil upgrade is implemented, more dApps will be launched on Cardano.