It’s been just over three months since Cardano’s Alonzo fork was implemented, but the blockchain is already gaining significant popularity among developers.
Most Popular Crypto Projects
According to CryptoRank and Santiment, Cardano was the most developed crypto project on GitHub in 2021, counting more than 140,000 events.
The top three was rounded out by Kusama and Polkadot in second and third place respectively. They had roughly the same number of events during the year. Cardano beat Ethereum’s development activity by a wide margin. Ethereum landed in fourth place.
Tenfold increase in the number of Cardano users?
In a live Youtube session last week, founder Charles Hoskinson revealed that there are about 127 projects in development on the Cardano blockchain. In addition, Hoskinson expects the number of Cardano users to increase tenfold from the current 2 million. According to him, this has to do with the growing popularity of NFTs.
Cardano’s technological advancements are also gaining popularity after the Alonzo fork. One of the notable upgrades to the blockchain is the layer-two Hydra upgrade. It channels off-chain transactions into staking pools without partitioning the ledger itself.
Theoretically, it could enable advanced linear scaling of the network with hundreds of “hydra nodes” each processing hundreds of transactions.
Another notable mention is a new fintech financing mechanism known as the initial stake pool offering (ISPO). This is unique to the blockchain.
Here, blockchain enthusiasts delegate their cryptocurrencies in a protocol and receive tokens from the new project they are funding as a reward. The ADA stake rewards, on the other hand, go to the developers. Funds do not leave the delegator’s wallet. This makes the process quite safe. The Genius Yield project saw its ISPO pools exceed $118 million in 24 hours.