Cardano Could Be One Of The Main Projects To Keep An Eye On In 2022

As the crypto market begins the slow road to recovery, one project in particular has been making headlines and that is Cardano (ADA). While it is true that Charles Hoskinsons brainchild has taken a dip as far as the global rankings by market capitalization are concerned (Cardano is currently placed 9th overall), this hasnt stopped the project from adhering to its roadmap and experiencing success in the crypto, blockchain and DeFi industry.

Top five fastest developed assets

Cardano is still among the top five fastest developing assets in the previous month, according to Santiment statistics. Regarding development activity over the last 30 days, Uniswap, Solana, and Cardano have been the most active.

Despite the fact that development activity usually has little to no effect on short-term market pricing, it could nevertheless be a good sign of the projects long-term growth. After all, Cardano ranked first among the most developed assets in 2021.

Hydra Heads

Not too long ago, Charles Hoskinson announced the deployment of the first Hydra Heads on the public Cardano testnet. Hydra Heads, the initial protocol in a suite, is a vital component in Cardanos scaling trajectory. Hydra is essentially a group of Layer-2 technologies designed to improve network security as well as scalability.

Moreover, following the release of Cardano blockchain smart contracts technology, additional developers have begun to leverage the network and offer numerous use cases. Cardanos TVL (Total Value Locked) is increasing rapidly and has in fact grown by over 25,000% in 2022 alone. The DeFi LIama monitoring website reports that over $223 million is presently locked in different contracts developed on the Cardano network. Cardanos TVL also rose with the addition of staking, a key component of the project.

What should we expect going forward?

Even though the framework for future developments in the Cardano ecosystem has been laid, the price is struggling to return to its earlier highs. Of course, the same could be said about many altcoins and BTC itself (this is due to numerous factors chief among which being the ongoing Ukraine-Russia conflict) but ADA has nonetheless started recovering and Cardano enthusiasts remain hopeful that both the price as well as the projects ranking will improve sooner rather than later thanks to the initiatives strong fundamentals.