Author: Aniedi Utah
Peer-reviewed proof-of-stake (PoS) blockchain, Cardano is attracting massive Web3 developers into its ecosystem. According to its weekly report, 157 blockchain projects have so far launched on the Web3 protocol.
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83.2 Million Transactions Executed So Far & 157 Projects Launched on Cardano
Cardano, an Ouroboros-powered PoS blockchain network, is breaking strides in its ascendancy into the decentralized finance (DeFi) economy. According to its weekly development report, over 157 blockchain projects have been launched so far.
Sharing an infographic, the Cardano blockchain noted that 1,322 blockchain protocols are currently building atop its smart contract-powered ecosystem. So far, there have been 83.2 million executed across the DeFi-focused network, making for a strong start to life in 2024.
Source: Essential Cardano
157 Projects Launched on Cardano
Other subliminal fundamentals covered showed that 95,213 token policies or proposals have been executed on the Cardano blockchain. 9.53 million of the ADA native tokens have been staked between late 2023 and January 2024. More details shown portrayed that 6,356 of its native programming language Plutus V1 scripts have been recorded while its V2 version saw a three-fold increase in the number of scripts with the figure put at 18,821.
The blog post published on February 2 by Olga Hyrniuk also covered some critical technical developments in the peer-reviewed and research-based protocol.
One such is the testing done on the db-sync version by the DB Team. The test was carried out on the mainnet and was solely focused on integrating the Conway functionality by extending its modularity. The Conway functionality, technically known as CIP-30 (Cardano Improvement Proposal), created the bedrock for the deployment of decentralized applications (dApps) on the Cardano blockchain. However, they are quite limited in scope and have since been replaced by the CIP-95 which introduced the Conway Ledger Era in the Cardano roadmap journey.
This new functionality enables Cardano’s ADA token holders and delegator representatives (DReps) to engage in web-based tooling through crypto wallets powered by Cardano. What this represents is that Cardano-powered dApps will be able to interact seamlessly with crypto wallets without relying on third-party tools.
Other technological developments covered are the marlowe-cardano which are basically smart contracts on the Cardano protocol. The issue of scalability was also touched on with the Hydra team creating an API tool to eliminate JSON encoding of transactions while implementing a hydra-explorer backend.
Cardano’s Voltaire Parameter Pushes For More Decentralization
One crucial element in the development of the Cardano blockchain was the theory of permissionlessness and decentralization. According to founder Charles Hoskinson, Cardano is the third iteration of the blockchain technology offering scalability, security, and decentralization - a triple combo often missing in older and established brands like Bitcoin and Ethereum.
The Ethereum killer is now making good on its promises. According to a post on X (formerly Twitter), Cardano is gradually approaching its next upgrade.
Called Voltaire Governance Parameter, it aims to create a minimal on-chain viable governance model where decision-making powers are ratified from broad consensus.
More details show that the CIP-1694 (Voltaire Governance) will offer users 7 different types of governance actions all requiring approvals from SPOs, DReps, or the Constitutional Committee (CC).
Explaining how the governance model will be modeled, Cardano explains that any type of governance action will be ratified by two out of the three mentioned groups.
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