Cardano Foundation Records Massive Growth, $ADA Prices Plunges 700% Over The Year

• Cardano, throughout the year, plunged over 688% and is now being traded at $1.44. The CEO of the Cardano foundation believes that they have seen massive growth this year.

• Cardano successfully processed over 23.8 million transactions and created more than 2.5 million new wallets. Also, the network minted over 2.5 native assets after initiating the support for multiple assets.

• The block sizes on the network are being increased to 72 KB from 8 KB, also, more than 70% of the native tokens have been staked, and the stickers now wait for new Dapps.

The CEO of Cardano Foundation, Fredrik Gregaard, has published a blog post on their official blog about looking back at Cardano’s growth in 2021. He expressed himself by explaining that this year has been a year of magnificent growth for its native token $ADA and the cryptocurrency’s network.

Gregaard, in the blog post, further explained that, in this year, partnerships, technical innovation, sustained growth, and expanding community are some of the reasons that helped the Cardano Protocol gain momentum and grow in such a manner. He also believes that there have been a few on-chain developments that indicate the growing adoption.

$ADA Records 700% Of Growth

Cardano’s native token, $ADA, prices have shown an uptrend of about 700% this year. The token acquires a max supply cap of 45 billion, of which about 33 billion are already in the circulating supply. The token, throughout the year, traded between $0.1498 and its all-time high of $3.10. The token is currently trading at $1.44 (at the time of writing) after facing an uptrend of 7.80% in the past 24 hours.

Cardano & NFTs

The Cardano network’s ledger initiated the support for multiple assets on 01 March 2021, since then, the network has recorded a count of more than 2.5 million native assets being minted on it. Out of the 2.5 million native assets minted on the network, around 2 million are NFTs (Non-Fungible Tokens). Besides this, about 23.8 million transactions have been processed over the network by 2.58 million new wallets created on the blockchain.

Increasing Wallet Addresses

From October to November, total active wallet addresses quadrupled on the Cardano network. The primary reason for these multiplying wallet addresses was the reduction of the network’s transaction fee from $0.48 to $0.38 and the increasing on-chain activities. The Cardano network had 50,506 active wallet addresses in October, which in November reached 216,072.

The number of wallet addresses on the Cardano network that staked $ADA has crossed the milestone of one million. Another milestone hit by Cardano was crossing the processing of 20 million transactions.

Cardano’s Achievements

Cardano Foundation shared an image on Twitter about highlights of 2021.

Smart Contracts & Dapps

Gregaard says that the growing adoption and utility were seen due to the successful release of the Alonzo hard fork. The hard fork introduced the ability to be programmed in 

Cardano, which brought the support for smart contracts & Dapps (Decentralized Applications). This introduction of support for smart contracts led several platforms to be the first Cardano-powered DEXs (Decentralized Exchanges). Another factor contributing to this year’s growth is Cardano making several new partnerships with organizations like fintech firm – UBX, e-sports platform – Rival, and Save the Children, a non-profit organization.

As soon as the smart contract phase of the Cardano network, Goguen, was completed, the prices burst out like never before. The network is now headed towards its next phase of scaling, called Basho. As per the data from the market, the price of ADA has plunged over 688% this year.

Increasing Block Sizes

The expectations of increased traffic on the Cardano network due to the introduction of new Dapps will result in increasing block sizes on the network to 72 KB from 8 KB. Also, more than 70% of the token supply, ADA, has now been staked on the Cardano network, and users earn interest while they eagerly wait for new dapps launching.