Cardano Ecosystem Explodes, Why ADA Could Resume Bullish Trend

Cardano (ADA) has followed the general market trend and is losing across the board. The seventh crypto by market capitalization is trading at $ 1.22 with a loss of 2.2% and 10% in the last 24 hours and 7 days, respectively.

Related reading | What is beef? Reviewing Ethereum’s Historic Battle Against Cardano

ADA in downtrend on the 4-hour chart. Source: ADAUSDT Tradingview

However, Cardano remains one of the most active ecosystems in the crypto industry. This earned it the most active project title on GitHub in 2021, as developers scrambled to exploit its smart contract and interoperable capabilities.

As Tim Harrison, Director of Marketing and Communications at Input Output Global (IOG) reported, the Cardano project has more than 67 active repositories, with 106 releases, more than 38,000 GitHub engagements, and more. Harrison wrote the following giving credit to the community:

(Cardano) is the most active project to date. That is just a basic job. With community tools, scripts, APIs, and a rapidly expanding dApp ecosystem, there are hundreds more repositories, constantly filling up with code from all corners of the community.

Still, the network has seen backlash from users and critics who claim it has been unable to quickly introduce dApps and projects capable of leveraging its smart contract capabilities. Implemented with the Hard Fork Combinator (HFC) “Alonzo” event, these capabilities have been around for over four months.

In that sense, IOG published a list with the projects already building use cases in Cardano including: decentralized exchanges (DEX), identity, blockchain games, an Oracle service and others. The company said the developers “have been working tirelessly” on these implementations.

Among the listed project, the company mentioned Adax, a decentralized exchange built on Cardano and audited by cybersecurity firm BTC Block. Additionally, DripDroz, a platform for token distribution parameters, and Martify, a platform for implementing a blockchain solution, made the list.

Cardano DeFi, an expanding ecosystem?

As reported by NewsBTC, Cardano has been implementing dApps since the implementation of the HFC Alonzo event. In addition to the aforementioned projects, IOG mentioned AnetaBTC, a project to implement a synthetic version of Bitcoin (BTC) on this network, and Minswap, a multi-chain DEX.

There were many other projects on the list, as the company tried to demonstrate the level of activity and the number of projects under construction and already implemented in this network. IOG added the following:

We could go on and this would be a very long thread. Hopefully this will give you an idea of ​​all the work that is being done with the busy projects Building in Cardano. Many thanks to all the projects for sharing their news (…).

Related reading | Cardano Implements First DEX, Why ADA Price Could Get A Boost

The growing ecosystem built around this network appears poised to contribute to the long-term appreciation of ADA. In the short term, the cryptocurrency could be more disadvantaged if Bitcoin cannot find support and bounce from its current levels.

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