Cardano (ADA) Ecosystem Exploding As Hundreds of New Projects Spring Up: IOHK

Ethereum challenger Cardano (ADA)’s ecosystem is bursting with activity as hundreds of new crypto projects have emerged on the smart contract platform.

In a lengthy Twitter thread, Cardano developers Input Output Hong Kong (IOHK) tell their 255,000 followers that a variety of new projects are set to make a name for themselves on the Cardano network.

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“Stablecoins, sidechains, NFTs (non-fungible tokens) and partnerships, launchpads and project launches, converter bridges… getting overwhelmed with all the news from the Cardano universe?”

IOHK notes the numerous decentralized exchange (DEX) platforms that have launched or are launching soon on Cardano, such as AdaSwap (ASW), MuesliSwap (MILK), ErgoDEX (ERG), MiniswapDEX, and stablecoin swapping network WingRiders.

IOHK also discloses that several NFT marketplaces will have a home on Cardano as well, such as NFT Maker (NMKR), ADANFT, Jam On Bread, and JPG Store.

Other platforms mentioned by IOHK included automated yield optimizer Genius Yield (GENS) and Clay Nation, an NFT-generating studio that partnered up with rap superstar Snoop Dogg to create claymated musical content.

According to a previous LinkedIn post by IOHK vice president Tim Harrison, as of mid-March, there were 517 projects being built on Cardano. Harrison says that at the time, about 35% of them were NFT-related while decentralized exchange protocols made up just over 6%.

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“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 to here.”

Cardano is exchanging hands at $0.96 at time of writing, a 1.3% gain on the day.

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Featured Image: Shutterstock/Vink Fan/Mingirov Yuriy

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