The Cardano blockchain is beginning to pick up steam, with 400 new projects in the pipeline and 100,000 new wallets established last month.
As per a tweet from Cardano founders Input Output (IOHK) on Tuesday, the network has approximately 900 projects. Since March 11, when IOHK Vice President Tim Harrison announced on Linkedin that the total stood at approximately 500, the number had increased by about 400.
Wallet activity on Cardano is now seeing a massive increase, with statistics from Cardano Blockchain insights indicating that the volume of ADA wallets has climbed by 100,000 since March 22. As of April 19, the overall figure stood at 3.268 million.
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The average daily rate of new ADA wallets has risen from roughly 2,000 to 8,129. However, the volume of transactions/payments per day has dipped somewhat, from 106,952 on March 22 to 106,525 on April 19.
Zooming out, transactions of $100,000 or more have surged 50 times since the beginning of 2022, indicating that considerable institutional demand may exist.
Since its market launch in March, STEPN (GMT), a so-called "move-to-earn" token based on the Solana (SOL) blockchain, has skyrocketed.
The price of GMT soared from $0.01 on March 9 to $3.45 on April 19 – a 34,000% increase in just 41 days (data from Binance). Its meteoric rise was fueled by the excitement around decentralized finance (DeFi) applications that reward users with tokens for being active.
On a 24-hour adjusted period, for example, the values of GMT and its top rivals, such as Genopets (GENE) and dotmoovs (MOOV), soared enormously, according to CoinGecko statistics.
STEPN remained the most valued move-to-earn (M2E) initiative, with about $2 billion in market worth.
The recent earnings announcement from STEPN is one of the key drivers of the GMT's price surge. According to official figures, the project earned about $26.81 million in the first quarter of 2022 from "royalty fees" and the sale of its "NFT Sneakers."
In particular, purchasing NFT Sneakers permits players to play STEPN, enabling them to earn the Green Satoshi Token (GST), the game's in-game token. Traders can then convert GST awards for SOL or USD Coin (USDC).
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STEPN invests its earnings in buying back GMT, its governance token, from secondary markets (exchanges, over-the-counter platforms, etc.) and then burn them on-chain, essentially removing 600 million GMT from circulation.
