Since the hard fork “Mary” enabled the development of tokens on Cardano in March last year, the network has continued to mature into a multi-asset environment. With over 5 million native assets mined, Cardano has broken another key mark. Since December 2021 alone, the number doubled. Just as Mary expanded the functionality of the network, great expectations now weigh on the next hard fork, which should significantly scale up Cardano. It should already be ready in the coming month.
5 million assets on Cardano
Perhaps not a news item that will immediately impact ADA price, but one that is highly symbolic. That meanwhile over 5 million native assets – including NFTs – were generated on Cardano is clear evidence of the increasing user activity on the blockchain. Another delivered IOHK boss Charles Hoskinson in one Tweet from May 29, after the 24-hour transaction volume on Cardano surpassed the nine billion US dollar mark. Around $5 billion less than BTC – but $6 billion more than smart contract competitor ETH.
As well on Rise in ADA wallets an increasing demand can be seen. In February, the number of three million ADA wallets was cracked, on average 5,922 new wallets were recorded daily in the first quarter. BTC-ECHO reported. Currently there are already 3.3 million.
Hard fork “Vasil” is coming at the end of June
Nice numbers, but Cardano is not resting on its laurels. A significant scaling boost should come from the next hard fork, which is scheduled for June 29th. “Vasil” integrates a bundle of different scaling solutions that, according to Hoskinson, provide “a massive performance improvement for Cardano”. “Combined with parameter adjustments, these features will increase Cardano’s throughput and optimize the system to accommodate a growing number of decentralized finance (DeFi) applications, smart contracts and DEXs,” like Hoskinson.
If Vasil delivers on what Hoskinson promises, Cardano should significantly boost its throughput on all fronts and increase the pressure on ETH as the largest smart contract hotspot. At least on a daily basis, the expectations also seem to be gradually pricing in the ADA price. Compared to the previous day, ADA is up 16 percent. Probably not entirely innocent: The newly launched ETH-Cardano bridge Iagon.