Cardano Ecosystem Explodes, Why ADA Could Resume Bullish Trend

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

Related reading | What is beef? Review of Ethereum’s historical battle against Cardano

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

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

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

Cardano is the most active project to date. This is just basic business. With community tools, scripts, APIs, and a rapidly expanding dApp ecosystem, there are another 100 seconds of buybacks, steadily filling up with code from every corner of the community.

However, the network has seen a backlash from users and critics who claim that it has failed to deliver dApps quickly, projects able to take advantage of its smart contract capabilities. This potential has been deployed with the Hard Fork Combinator (HFC) event “Alonzo”, for over four months.

In this sense, IOG chest A list of projects that have already created use cases on Cardano which include: decentralized exchanges (DEX), identity, blockchain games, oracle service, among others. The company claimed that the developers were “working anxiously” on these apps.

Among the projects listed, the company mentioned Adax, a decentralized exchange built on Cardano and audited by Cibersecurity BTC Block. Additionally, DripDroz, a token distribution parameter platform, and Martify, a blockchain solution deployment platform, are also on the list.

Cardano DeFi, an expanding ecosystem?

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

There were many other projects in the list as the company tried to show the level of activity and the number of projects built that were actually published on this network. IOG added the following:

We can go ahead and that’s going to be a really long thread, and hopefully this gives you a flavor of all the work going on with the projects busy building on Cardano. Big thanks to all the projects for sharing their news (…).

Related reading | Cardano publishes the first DEX, why the price of ADA could receive a boost

The growing ecosystem around this network appears poised to contribute to ADA’s long-term appreciation. In the short term, the cryptocurrency could fall further if Bitcoin cannot find support and bounce from its current levels.