Cardano Eco_ Explodes: 1,244 Projects Building on ADA, Massive Hydra and Marlowe Updates – Can It Overtake Ethereum? Report

While the cryptocurrency market faced a slowdown in the previous month, Cardano’s (ADA) eco showcased its strength by achieving significant milestones. Input Output Global, the development team behind Cardano, propelled these accomplishments. Moreover, the roadmap for the next phase of Project Catalyst, Cardano’s leading product incubator, was recently revealed.

Despite the general deceleration in the cryptocurrency market, Cardano exhibited consistent progress throughout May 2023. According to a tweet thread published by Input Output Global, one new project was launched in May, and an additional fourteen projects are currently being developed on the Cardano network. That brings the overall total of running decentralized applications (dApps) on the Cardano (ADA) network to 127.

1/ The weekly development update is released every Friday on #EssentialCardano. This thread recaps the main highlights from the previous month. Discover how many projects launched on #Cardano in May, and the growth of native tokens, token policies, transactions, and s. pic.twitter.com/XmLZKLUqO6

— Input Output (@InputOutputHK) May 31, 2023

In May, there was a noteworthy increase in Plutus v1 s, reaching a total of 5,790, which reflects a growth of 372. Plutus v2 s also saw growth, adding 133 to reach 2,543. Moreover, the number of token policies increased by 2,218, and the number of native tokens minted on Cardano increased by 150k.

The total transaction count experienced a substantial upsurge, surpassing 67.2 million transactions, showing a remarkable growth of more than 1.8 million from April 2023. Progress in the technical realm was evident as well. Cardano Node software (v.8.0.0) was launched, introducing improvements in interactions with on-chain staking pool operators (SPOs)

Additionally, Cardano marked the mainnet release of Marlowe, an open-source toolkit tailored to simplify the creation of smart contracts. The Cardano eco achieved yet another critical milestone with the announcement of the impending Fund 10 round of Project Catalyst. Project Catalyst is a community-led initiative focused on nurturing innovation within the Cardano eco through the provision of substantial ADA grants. Starting June 21, 2023, innovators are encouraged to submit their product proposals for uation and potential funding.

Moreover, In May, Cardano introduced the inaugural mainnet-compatible release of its L2 solution, Hydra. This marked a significant milestone in the development of Cardano’s eco. Furthermore, IOG shared the specifics of Project Catalyst Fund 10, highlighting ongoing progress in eco development.

ChainPort, a bridge facilitating cross-chain asset transfers, has revealed its latest update, enabling support for tokens based on Cardano. This integration establishes ChainPort as one of the pioneering cross-chain bridges to offer complete token bridging capabilities for Cardano. Users can now utilize ChainPort to transfer their Cardano-based tokens to blockchains like Ethereum, Polygon, and Binance Smart Chain. This expansion grants users access to a broader array of decentralized finance (DeFi) applications and services.

CardanoTechnical Analysis

On the chart depicting a four-hour timeframe, buyers have successfully prevented the ADA price from dropping below the 200-day moving average (MA). The net ADA price remains higher than the 50-day and 200-day moving averages.

After experiencing a pullback, the RSI for ADA is once again showing an upward trend, indicating positive sentiment. Buyers have outweighed the sellers, and the Fear and Greed indicators are now leaning toward the Greed zone. Consequently, the market sentiment for HBAR has turned positive. Additionally, the MACD line is positioned higher than the signal line, accompanied by an uptick in trading volume. This combination signifies a buy signal.

As of the time of writing Cardano is currently trading at $0.36.