{"id":943,"date":"2022-06-23T23:59:00","date_gmt":"2022-06-23T23:59:00","guid":{"rendered":"https:\/\/grandpascrypto.com\/?p=943"},"modified":"2022-06-23T16:08:29","modified_gmt":"2022-06-23T16:08:29","slug":"cardano-network-growth-impresses-despite-delays-and-market-conditions","status":"publish","type":"post","link":"https:\/\/grandpascrypto.com\/cardano-network-growth-impresses-despite-delays-and-market-conditions\/","title":{"rendered":"Cardano Network Growth Impresses Despite Delays and Market Conditions"},"content":{"rendered":"\n

tl;dr Summary: <\/em><\/strong>Cardano has taken a slow approach to development that has worried some investors, but the ecosystem continues to grow at a surprising pace, including following their roadmap, new games, dapps, and NFT projects in testing and going live.<\/em><\/p>\n\n\n\n

Software projects often like to move fast and break things. That is the very strategy that made companies like Meta (formerly called Facebook) so successful. The early developers of Facebook slapped together some code, made a simple user interface and shipped out what is now considered one of the most transformative software products the world has ever seen.\u00a0\u00a0<\/p>\n\n\n\n

Many software companies today follow the very same principles that made the social media giant into a platform with over 1 billion users. Entrepreneurs and developers are taught to make a minimum viable product, or MVP, which can be iterated on and improved over time. The kinks can be ironed out later on. <\/p>\n\n\n\n

Charles Hoskinson must have missed the memo when his company IOHK (Input-Output Hong Kong) launched Cardano in 2015. Since inception, Cardano has been notoriously methodical and slow with their approach to releasing software. <\/p>\n\n\n\n

The developers at IOHK write academic papers on their software protocols and have them peer reviewed by world renowned computer scientists before ever writing a single line of code. Hoskinson and his team treat the Cardano project with the same criticality as is used for software in commercial aircrafts and nuclear power plants. <\/p>\n\n\n\n

Cardano developers believe that security is paramount, especially as the network scales and starts seeing inflows of billions of dollars in assets from individuals, corporations and governments. You can learn more about Cardano here<\/a>.<\/p>\n\n\n\n

Despite this attention to detail and security, Cardano has many critics. <\/p>\n\n\n\n

For several years, Cardano didn\u2019t have much in terms of native assets or decentralized applications (dApps). All you could really do with Cardano\u2019s ADA token was trade it on exchanges or stake it with a Stake Pool Operator (SPO) to earn yield. This gave Cardano a reputation of being a \u201cghost chain\u201d by many critics on Twitter and other cryptocurrency forums.\u00a0<\/p>\n\n\n\n

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Source: https:\/\/roadmap.cardano.org\/en\/<\/figcaption><\/figure>\n\n\n\n

That was until Cardano reached the third stage of their roadmap<\/a>: The Goguen Era, in September 2021. This stage of the roadmap was when Cardano introduced Plutus, the software language that developers use to build smart contracts, dApps, fungible and non-fungible tokens on Cardano. <\/p>\n\n\n\n

The excitement of native assets on Cardano along with significantly faster and cheaper transactions than other Layer 1 blockchains like Ethereum, led to the meteoric rise of the ADA coin price to $3.10 in September 2021. Since then the coin price has fallen significantly to below $0.50. <\/p>\n\n\n\n

Despite the significant drop in coin price from all time highs, Cardano keeps growing. Cardano now has nearly 600 dApps<\/a> as of March 2022, over 5 million<\/a> NFTs minted and $100+ million of total value locked (TVL), the number of assets that are currently being staked on the network.<\/p>\n\n\n\n

On June 1st, The Cardano Foundation released a monthly wrap up on Twitter of on-chain data that included:<\/p>\n\n\n\n