Cardano’s Explosive Ecosystem: 1,240 Projects, 66.3M Transactions, and Djed Leading the DeFi Revolution – Crypto News Flash

Cardano’s Explosive Ecosystem: 1,240 Projects, 66.3M Transactions, and Djed Leading the DeFi Revolution

John KumiBy No CommentsJohn Kiguru edited by John Kiguru
SEC lists Cardano as a security
All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
  • Cardano experienced an interesting week as it recorded more than 66.3m transactions.
  • The Education team also wrapped up its 4th cohort of the Plutus Pioneer program (PPP4).

Cardano (ADA) has released its weekly report dated May 12, highlighting interesting activities on its network as well as some updates from developers. According to the report, 126 projects were launched on the network over the week with 1240 projects currently in development on the Cardano network.

Another key area of growth is the “Native Tokens,” which recorded 8.24 million. Also, there were 73,114 token policies and 66.3 million total transactions. In addition, 7962 Plutus scripts were recorded. According to Cardano developer Input Output Global (IOG), ADA-backed stablecoin, DJED, is also expanding greatly since going live.

The report further highlighted some key development and upgrades undertaken by the various teams. Under the wallets and services, the Daedalus team worked on the proxy server to improve the currency conversion feature. To ensure that a better user experience is achieved, developers introduced several improvements and features.

Users can now recover their wallets using a 12- or 15-word recovery phrase, and view the prices of their available native tokens. Pricing is now displayed in 11 fiat currencies with compact number notation for large numbers. Users can switch between networks with ease and regain access to their wallets using a recovery phrase if they forget their password. Finally, a bug fix ensures that NFTs display correctly in the ‘Tokens’ list and NFT gallery.

Additional updates on other Cardano projects

With the smart contract, the Plutus tools team documented the Marconi-sidechain architecture. They also sought to address some encountered issues by redesigning the resuming capabilities. The Marlowe team also integrated the library functions for the sake of contract safety checks and also ensured that testing of various REST scenarios is automated. With Basho or scaling, the Mithril team released a new 2318.0 distribution. This is said to implement the last migration phase of the aggregator stores. 

They also completed the implementation of the interfaces defined to provide certification for the immutable full snapshot of Cardano files and Mithril stake distribution. Additionally, they continued implementing the mechanism to sign generic types of data in the aggregator and the signer. Finally, the team worked on preparing the roadmap toward releasing a Mithril network on the mainnet and started designing an on-chain decentralized signer registration process.

The report provides an update on the launch of the global workshop grant fund. Input Output Global (IOG), EMURGO, and the Cardano Foundation announced the successful applicants to discuss CIP-1694 in a workshop. According to reports, 75 diverse applications were received globally with North America, LATAM, and Africa making up about 80 percent of the applications. The in-person workshop is expected to take place in over 20 locations globally with over 25 virtual workshops expected to be announced. 

The Education team was very active in the week under review as they concluded the 4th cohort of the Plutus Pioneer program (PPP4) to an end. Over 3,000 registered participants were recorded. The team also published weekly lectures, accompanying playbooks, and a blog that hosted a question-and-answer session. Finally, the Catalyst team organized its 125th town hall. 

IOG spoke on the impact of ZK rollups on blockchain transactions.

Share.
i

This article is for informational purposes only and does not constitute investment advice. Read full disclaimer

John Kumi

John Kumi

Follow

John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space.
Full Profile