Cardano network grew by 500,000 wallets in Q1

The first quarter of 2022 is over, so now is a good time to take another look at the developments of Cardano (ADA). Out dates The Cardano Blockchain Insights dashboard shows that the past quarter was particularly successful.

Half a million Cardano wallets added

One area where Cardano grew particularly fast is the number of wallets. On January 1, 2022, there were 2.6 million wallets and three months later the counter is almost 3.2 million. The precise growth amounted to 453,121 new cardano wallets that were created in the first quarter, a growth of almost 20%. On average, this resulted in more than 5,000 new wallets a day.

Also the number of cryptocurrencies and non-fungible tokens (NFT) based on Cardano grew enormously. On January 1, there were 2.6 million. On March 31, the counter reached 4 million. However, the pressure on the blockchain was constantly high. For example, the transaction blocks were sometimes up to almost 90% full. It is important to remember that the pressure is high despite the fact that not much is happening on the network yet compared to, for example, Ethereum (ETH). This year, the network should become more scalable, as read here.

DeFi on Cardano also sees significant growth

Cardano saw his decentralized finance (DeFi) also grow strongly in the first quarter. Where there is less than a million dollars left on January 1 total value locked (TVL) in Cardano smart contracts, this data peaked at $330 million on March 28. Due to the falling prices, however, we now see this level off again with a consolidation at $250 million.

Recent Cardano news reported that well-known rapper Snoop Dogg will be launching a number of NFTs of, among other things, his music on the network. In addition, it was reported that the number of investors with $100 to $100,000 in ADA holdings rose to a new record.