Cardano Addresses Hits New 4.5 Million High

February 12, 2022 3:05 pm

The number of wallet addresses on the Cardano blockchain has been continuing to rise throughout January 2022 and has recently reached another new record of 4.5 million addresses.

This corresponds to the increasing number of monthly transactions on the Cardano ecosystem indicating the sustained growth that is being experienced despite the overall bear market since the start of the year.

According to an asset report by CryptoCompare, the number of Cardano investors had totaled over 300,000 which was almost an 11% growth in the month of January.

The number of investors on the network was not the only thing that grew as the number of traders was also observed to grow where the number of traders grew almost 49% last month which had surpassed the 1 million mark.

CryptoGlobe reports:

In total, there are now over 4.5 million addresses on the Cardano network. As CryptoGlobe recently reported, these addresses have now conducted over 30 million transactions, while the number of smart contracts deployed on the network went over 1,000 for the first time this year.

CryptoCompare’s report details that monthly transactions on the Cardano blockchain grew 26.6% to 3.8 million in January, while still sitting far below their peak seen in November.

The number of daily active addresses on the network moved up 18.2% to 163,000 as well.

Interestingly, the average transaction fee paid on the network moved from $0.33 in December to $0.43 in January, while still being below a $0.69 high seen in September of last year.

As the report notes, the first usable decentralized finance (DeFi) application on Cardano was launched in January, after MuesliSwap launched.

Data shows that in January large ADA token holders more than doubled their holdings in the cryptocurrency, taking advantage of a price drop of more than 30%.

Data suggests Cardano addresses holdings between 10,000 and 1 million ADA have increased their holdings by 113%, accumulating $53.6 million.

The recent growth could be attributed to a number of reasons as there were a number of upgrades and changes made to the Cardano ecosystem recently in the past month.

One of the highly publicized changes made by the company and the developers was the change to increase the network block size by 11%.

This recent change was made in order to accommodate the surge in network traffic that was experienced during the launch of the popular DeFi platform SundaeSwap which was launched on the Cardano ecosystem.

The launch revealed delays due to the high network load and prompted overall blockchain ecosystem upgrades from the Cardano team in order to address any future scaling problems.

Although the network had struggled during that time, some investors were optimistic because it was a good problem to have and considered it a “growing pain” of a network that was expanding rapidly.

zephyrnet.com shares:

Data shows that in January large ADA token holders more than doubled their holdings in the cryptocurrency, taking advantage of a price drop of more than 30%.

Data suggests Cardano addresses holdings between 10,000 and 1 million ADA have increased their holdings by 113%, accumulating $53.6 million.

Cardano developer Input Output has proposed increasing the network’s block size by 11% from 72 KB to 80 KB after network load surged above 90% with the launch of a popular DeFi platform SundaeSwap.

Cardano’s network load peaked above 90% after SundawSwap’s launch while the total value locked on it jumped over 9,000%.

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