ADA Wallets Surge To New Highs Above 3 Million: Report
The number of ADA wallets surge to new highs above 3 million just two weeks after Cardano welcomed the first dapp so let’s read more in our latest Cardano news. The number ADA wallets on the Cardano blockchain holding...
The number of ADA wallets surge to new highs above 3 million just two weeks after Cardano welcomed the first dapp so let’s read more in our latest Cardano news.
The number ADA wallets on the Cardano blockchain holding ADA hit a new high surpassing the previous record from 2021. The Proof of Stake blockchain announced that it reached 3 million ADA wallets less than two months after recording a total number of 2.5 million addresses. The project revealed that it has about 2 million unique wallets holding ADA and the native cryptocurrency of ADA system. Since then, over 500,000 ADA wallets were added to the network.
🎉3 MILLION #ada WALLETS!🚀#Cardano #CardanoCommunity pic.twitter.com/5iEjq89X8b
— Cardano Community (@Cardano) February 3, 2022
As per the data from the Cardano blockchain, the total number of ADA wallets is now at 3,002,727 with an average of 5122 wallets being added daily. The network now has about 1,145,479 staked addresses and about $25 billion staked which is about 70% of the ADA total supply. The increased activity on the Cardano network started after the smart contract capability was deployed last year. Cardano implemented the Alonzo upgrade enabling the developers to build smart contracts and DAPPS on the network for the first time.
The upgrade enhanced the scalability of the platform and speed and even continued to attract developers and a number of dapps to the Cardano ecosystem. A week ago, the smart contracts on the blockchain surpassed the 1000 mark and the number is now standing at 1190. three months after the Alonzo upgrade, Cardano welcomed its first Dapp SundaeSwap but the milestone led to the network congestion that led to others failing transactions and many errors. To further boost the network performance, Cardano’s research and development company IOHK announced that the total block size will be increased by 11% and will allow it to carry more transactions. The company also increased the Plutus script memory unit per transaction and increased the amounts of data that can be included in one transaction.
ADA 24-hour Price Chart (Source: Coingecko)ADA also grew to become the sixth biggest crypto by market cap and the coin traded above $1.
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