Cardano (ADA) reaches another milestone

The Cardano network has reached another important milestone. According to the Cardano Community Twitter account, the network now has 3 million wallets.

🎉3 MILLION #ada WALLETS!🚀#cardano #CardanoCommunity pic.twitter.com/5iEjq89X8b

— Cardano Community (@Cardano) February 3, 2022

The rapid advance of Cardano

The new milestone shows that the Cardano network is growing at lightning speed. In May 2021, the team proudly shared that it had surpassed one million wallets. In January 2021, there were even only 203,519 wallets. According to a recent report from Kraken, more than 11,000 ADA wallets are now created daily.

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Upcoming developments

While Cardano launched a ‘smart contact’ feature last September, there are very few decentralized applications on the network. The need for developers to adapt to the extended Unspent Transaction Output (eUTXO) model is a major reason for its relatively slow progress.

That said, Cardano-based DEX SundaeSwap went live on the mainnet last month, with a slew of other dApps in the pipeline to launch.

Cardano even surpassed Ethereum in daily transaction volume in early January. As a result, the network congestion exceeded 90%, which significantly slowed down the network.

Input Output developers are currently working to implement various scaling solutions during the “Basho” era of blockchain development.