Cardano NFTs, Smart Contracts and Defi Projects See A Huge Rise In Volume

Recent ongoings in the Cardano blockchain have seen the rise of DeFi and smart contract activity. The blockchain’s smart contract activities have spiked as there are now over 2000 smart contracts deployed on the network.

The Increase in Activity

Cardano has recently crossed the number of smart contracts on the platform at 2,000 for the first time in the blockchain’s history. This comes after sceptics have criticized the network for its lower activities since the Alonso testnet upgrade last year.

In addition to the number of smart contracts increasing, the chain’s DeFi activity has seen a massive increase in its TVL (Total Value Locked) in March. TVL is a key indicator that shows the overall interest in DeFi. Cardano TVL has gained 39,000% since the beginning of 2022.

Despite these increases, the Cardano team is apparently still focused on building. They have scheduled the ‘Vasil hard fork’ to be introduced in June. This hard fork is expected to improve transaction throughput on the platform and increase liquidity and volume.

In the past month, Cardano ($ADA) has gone from $0.89 to a current price of $1.16, which is an increase of 30%. Cardano still sits at under half the price of its all-time high of $3.10.

Snoop Dogg and Cardano

Snoop Dogg recently announced a collaboration with a Cardano NFT project titled Clay Mates. This comes after he’s been extremely bullish on the NFT and metaverse space as a whole. He’s had a particular focus on Ethereum-based projects.

Snoop Dogg is set to collaborate with his son, Cordell Broadus, known as Champ Medici in the NFT world, for an NFT collectibles drop. Also, they’ll drop a new exclusive map area to the Clay Nation clayverse, titled ‘Baked Nation’.

Supposedly in the preparation and research stages before announcing this partnership, Champ Medici came to Twitter to say: “I didn’t know the CNFT community was that deep”, an extremely positive comment on the space coming from a big name.