Cardano Marks its New Milestone by Adding Over 450,000 New Wallets in Q1, 2022; The Ecosystem Now Has Nearly 900 Projects

Cardano ecosystem is growing rapidly

Cardano has undergone tremendous growth over the previous year, as indicated by the rise in the number of wallets holding the network’s native token, ADA.

Notably, in the first quarter of 2022, Cardano added 453,121 wallets between January 1 when the number of wallets stood at 2,666,372, and March 31 3,193,445, according to the statistics from Cardano Blockchain Insights.

Indicating that within this time the network added over 5,000 wallets daily, resulting in a 19.76% rise in the total number of wallets in Q1 alone.

It’s also worth mentioning that since the start of 2022 the ADA has increased the total number of wallets by over 500,000 as Cardano hit the 3 million wallet milestone earlier this year at the start of February.

On March 31, it was reported that there are nearly 900 projects are built on this growing DeFi ecosystem. NFT collection accounts for more than half of the total, with Gaming contributing 4.2% and DEX accounting for 4%.

Wave ADA Yield Fund

Wave Financial LLC, a SEC-regulated digital asset investment management company, has announced the launch of the Wave ADA Yield Fund.  The fund is designed to provide liquidity with millions in line to support new DeFi platforms launched in the Cardano ecosystem starting with an initial $100M.

The new ADA Yield Fund represents the continuation of Wave’s mission to support promising entrepreneurs within the crypto space beyond the early stage and foster greater innovation in the overall crypto ecosystem. 

“Since the formal launch of smart contracts in 2021, the Cardano community has launched and funded hundreds of companies building on the Cardano blockchain,” said Charles Hoskinson, founder of Input Output, the software technology company that has been an early supporter of the DeFi project. “Cardano’s growing ecosystem is hosting an ever-expanding universe of applications supporting significant numbers of active users – it’s critical for the success of the ecosystem that Cardano-based projects thrive, and so we are pleased that the ADA Yield Fund is committing substantial financial resources to facilitate continued growth and market acceptance.”  

Historically, DeFi dApps are among the most popular in crypto in terms of bringing more users and applications on-chain. Specifically, decentralized exchanges (DEX) and defi lenders have gained the fastest popularity in terms of attracting users and capital. DEX typically are set up without market makers, but with two pools of assets that represent each side of a trading pair that serves as a source for DEX counterparties to trade against when they want to transact on either side of the pair.

Wave will be using the ADA Yield Fund to provide liquidity to these pairs of pools to support Cardano DEXes. For DeFi lenders, there will also be a similar form of support to augment liquidity to facilitate lending. Also, Wave will continue to support and expand stake pools to strengthen the network. 

“EMURGO is excited to support the creation of this valuable ADA Yield Fund to further drive expansion and adoption of Cardano’s quickly developing DeFi ecosystem,” said Ken Kodama, founder & CEO of EMURGO, a global blockchain solutions company and venture capital fund that has also been an early supporter of Cardano. “Providing strategic capital resources through the fund will help talented entrepreneurs and projects to build essential DeFi services on Cardano, ultimately delivering impactful solutions and onboarding more users to the global Cardano community.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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