Cardano’s metaverse progress report: Late to the party, but…

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02.04.2022 - 21:39

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ambcrypto.com:

Cardano, one of the most promising ecosystems, has witnessed an unprecedented rise since its inception. Just recently, on 29 March, the volume of ADA’s on-chain transactions greater than $100k increased by 50x in 2022 alone.

This depicted the surge in institutional demand.

Cardano’s first Metaverse project reported over 22,000 landowners on the platform. Pavia, Cardano’s first Metaverse project, in a 1 April tweet, highlighted this development on the social media platform.

<p lang=«en» dir=«ltr» xml:lang=«en»>There are now over 22,000 unique wallet holders of https://t.co/lNyCpRhWGo Land NFTs which is amazing to see but remember you won't need to own Land to visit, you may however want some $PAVIA to spend: https://t.co/DfRMkqtEO7 price tracking inbound. #Cardano #Metaverse #Liquidity pic.twitter.com/p9OCTSZyON

— Pavia.io (@Pavia_io) April 1, 2022

Not just this, the ecosystem grew exponentially, gaining millions in capitalization and TVL in smart contracts of recently released platforms and DeFi apps. According to data from DefiLlama, the Cardano DeFi ecosystem has attracted nearly $230 million more in funds since the start of March.

At press time, the TVL stood at $247 million. Even though it went down quite a bit from the previous ATH, the graph below did notice an uptrend.

Source:DefiLama

In addition, Cardano-based smart contracts surpassed the 2,000 mark for the first time ever. The number of Plutus Scripts increased by 489 between 28 March and 30 March, when they stood at 1,671 and 2,160.

According to the statistics from Cardano Blockchain Insights, the number of smart contracts was recorded at 2,272 on 1 April.

Source: Blockchain.com

Indeed, the inclusion of smart contract functionality made Cardano capable of scalability