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Charles Hoskinson says: Cardano is getting too big

 


Although the crypto market is currently very weak and still doesn't look like things are getting any better, the level of activity on the Cardano network has increased. Hundreds of projects have already been included in the Layer 1 network.


As of April 18, over 900 projects were built on Cardano, up from just 500 in March. That number is increasing daily, a Twitter post from IOHK revealed. After the Plutus upgrade, over 2,783 smart contracts were deployed on the blockchain.


Last week, Cardano launched Genius X, an accelerator program that has attracted over $105 million worth of ADA for its Initial Stake Pool Offering (ISPO). This pool attracted a great many underfunded developers as it helps fund projects from those using ADA.


The number of projects being built on Cardano seemed too much even for the founder Charles Hoskinson. He tweeted:


"I did not know. Cardano is getting too big.”


The number of ADA wallets has also increased, with over 100,000 new wallets created in the past month. According to data from Cardano Blockchain Insights, an average of 2000 wallets are created every day. The total as of May 23 was 3.334 million wallets.


The number of transactions per day has also remained strong, hovering above 110,000, compared to 80,000 at the start of the month. The number of transactions above $100,000 has also risen sharply since the first quarter of 2022, indicating strong institutional demand. Last week whale transactions hit a 4-month high as companies with large wallets bought the drop to $0.40.


With the Vasil hard fork approaching, one will see why the Cardano network is showing such activity. Scheduled for June 2022, the hard fork is expected to boost Cardano's transaction throughput, which will lead to an increase in volume and liquidity.


In a recent video on his YouTube channel, Hoskinson explained that the Vasil upgrade will provide a huge performance boost for Cardano as well as its smart contract capabilities.

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