Cardano Wallets Reaches Record 3 Million

February 5, 2022 8:32 pm Comments

The Cardano blockchain has now reached a new record of 3 million unique ADA wallets signifying a new milestone being achieved.

This new record was achieved fairly quickly as the number of unique wallets was only 2.5 million just 2 months ago which shows how fast the ecosystem is growing.

In addition to wallet addresses, there is also a significant number of staked addresses where it is recorded that a total of $25.18 billion is currently staked.

The rapid expansion of the Cardano network can be attributed to the introduction of smart contracts that was just deployed in 2021 and the platform’s ability to support decentralized apps without compromising the network’s ability to scale to support more users.

CryptoPotato reports:

The increased activity on Cardano started after smart contract capability was deployed last year.

Recall that the Cardano blockchain implemented its Alonzo upgrade in September 2021, enabling developers to build smart contracts and decentralized applications (dApps) on the network for the first time.

The upgrade enhanced the platform’s scalability and speed and has continued to attract developers and a number of dApps to the Cardano ecosystem.

Just a week ago, smart contracts on the blockchain surpassed the 1,000 mark, with the current number standing at 1,190.

Three months after the Alonzo upgrade, Cardano welcomed its first dApp, SundaeSwap, on January 20, 2022, but the milestone led to network congestion, which led to many failed transactions and errors.

Although ADA had benefitted from all the improvements that have been made, ADA price performance has not been as impressive as its peers such as Solana and Ethereum.

The year to date price increase for 2021 was only around 141% which is quite modest compared to the overall bull run experienced in 2021.

In comparison, the price of Solana had increased by around 1700% just last year making it a much better performer.

With that being said, the company behind Cardano is still in the middle increasing the number of partnerships that blockchain network has by partnering with multiple companies and countries.

Yahoo reports:

Despite the relatively below-average price performance, Cardano has made significant progress.

It has partnerships with various countries, including Georgia and Ethiopia, to implement its technology in the countries. Beyond that, it also has a collaboration with footwear maker New Balance.

It already has some plans for 2022 as it seeks to improve its smart contract capabilities.

Earlier this year, the CEO, Charles Hoskinson, announced that part of his new year plan is to implement the extended UTXO model for Cardano smart contract. As we reported then, work is already ongoing with plans to deploy by October.

This year already, Cardano has partnered with electronics giant Samsung. Through the partnership, Samsung will gain exposure to Cardano as part of its land restoration efforts.

In addition, a number of decentralized exchanges have also recently launched on the blockchain network boosting its long-heralded dive into DeFi.

Earlier in the month, Cardano had also announced that it would be increasing the block size on the network which will essentially help it for scaling as it would be able to hold more transactions.

At the time of writing, Cardano is ranked 6th on CoinMarketCap when measured by total market cap valuation with a total value of $35.4 billion.

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