The Cardano network has smashed a big milestone in transactions, which has hit the 71 million mark.

Per the weekly report by Cardano builder Input Output Global, the total number of transactions has reached 71.2 million.

Not only that, the number of native tokens has seen growth, currently reaching 8.55 million. These were minted across 77,035 token policies. Per the graphic posted, 134 projects have been launched on Cardano, while 1,264 are in various phases of development on the blockchain.

In an analysis provided by IntoTheBlock in May on the Cardano network, the on-chain analytics firm noted that the Cardano transaction count stayed quite stable during bear market conditions, recording an increase from the yearly lows.

Also, a clear increase was spotted in transaction volumes, pointing to activity.

A major catalyst seems to be the May Hydra upgrade. Hydra is a Layer-2 scaling solution that was created to boost the throughput and scalability of the Cardano blockchain by processing transactions on a sidechain.

Also, the total amount of ADA placed in DeFi applications on Cardano has significantly increased and reached new all-time highs of 720.27 million ADA, according to DefiLlama data.

Other advancements

Other advancements for the Cardano blockchain were reported in IOG’s weekly report.

The Lace team released v.1.3, which introduces “ADA Handle” support for the regular and personalized handles, which users can test in the preview testing environment. Mithril is also approaching beta launch on the mainnet.

Cardano’s innovation fund, Project Catalyst, saw the close of the proposal submission phase for Fund 10, with a whopping 1,577 proposals submitted. Proposal authors have until July 17 to edit their ideas before the final edit stage closes.

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