Cardano has Over 500 Projects Building on It: IOHK Executive

Updated:

The Marketing and Communications Director of IOHK (Input Output Hong Kong), Tim Harrison, recently announced that Cardano (ADA) has been attracting a significant amount of interest, since its smart contract capability upgrade.

Last September, the network implemented a mainnet upgrade (Alonzo) that allowed it to offer smart contract functionality to users, which was part of a development cycle known as the Goguen era.

After that, the network has recorded several other critical upgrades and developments. One of such developments was the first scaling solution based on ZK Rollups, Orbis.

The Goguen era has led to an astonishing increase in developments on the platform, with Harrison reporting over 500 projects building on the network.

According to a LinkedIn post on Friday, the marketing and communications director revealed:

“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 here. And kudos to the innovative, passionate community of builders that has brought this project so far. We’re really just getting started, you know.”

The IOHK executive also posted a pie graph showing the area of concentration of these projects on the platform, with NFT projects taking the most space.

Key Cardano Levels to Watch — March 14

On my daily chart, ADA continues to suffer under intense bearish pressure as the cryptocurrency remains glued to the $0.800 base over the past week.

ADAUSD 2022 03 14 14 18 00.png
ADAUSD – Daily Chart on Binance. Source: TradingView

Though the broader market struggles with overcoming a bearish hold, ADA is in a more dire situation, with indicators pointing to a possible slump below the February low, Cardano’s lowest point since February 2021. The cryptocurrency currently maintains the downward trajectory acquired since September 2021 and now eyes the $0.700 low.

Except we see a steady climb towards the channel midpoint at $1 in the near term, I expect a dip to the base area of the channel before month-end.

Meanwhile, our resistance levels are $0.900, $1.000, and $1.050, and our support levels are $0.700, $0.600, and $0.500.

Total Market Capitalization: $1.73 trillion

Cardano Market Capitalization: $26.8 billion

Cardano Dominance: 1.55%

Market Rank: #8

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.