Cardano’s network is doing well, but there’s a long way to go

• Cardano has gained 400 new projects in the last one month alone.
• The total value locked in Cardano’s network has increased to over $200 million in that time as well.
• BNB Chain and Solana are still significantly ahead of Cardano.

The creators of the Cardano blockchain platform, which is often said to be a viable alternative to Ethereum, seems to be becoming more popular amongst developers by the day. According to a tweet by the creators, Input Output (IOHK), from yesterday, there have been nearly 900 new projects on the Cardano network so far.

On March 11, Tim Harrison, the vice president of IOHK, wrote on LinkedIn that the platform had seen 500 projects, which means that there have been 400 new projects on Cardano in the last month alone.

This isn’t the only sign that things are going well though. The total value locked in Cardano’s projects, reached an all time high of $188 million on March 14, according to crypto tracking website DeFillama. At the time of writing, the website showed that the TVL on Cardano had touched $223 million.

The TVL of a protocol shows the total amount of crypto assets that have been put into the projects built using the protocol. More the number of projects, more the TVL of a project.

Cardano is also amongst the few pure proof-of-stake (PoS) networks available right now. Which are supposed to be more environmentally effective than proof-of-work systems used by the Bitcoin protocol.

They reduce the total amount of computing power on the network, which in turn reduces its energy consumption.

Not an easy ride

That said, the platform still has a long road ahead of it. Cardano’s competitions like the Solana network and Binance Smart Chain (now called the BNB Chain) have also been gaining steam amongst developers.

According to Solana’s own tracker, the total value locked in decentralized finance (DeFI) projects built on the platform is $6,951,888,414.06. The platform ranks SolFarm, SerumDex, Raydium and Orca amongst the top five projects on the network. DeFillama confirms the same as well.

On the other hand, the BNB Chain has over 1200 projects, according to tracking website BNBProjects.org. The TVL of the platform is well over $15 billion, topping both Cardano and Solana. DeFillama pegs this one at $13.18 billion, which is still significantly more than the TVL of Cardano.

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