The cryptocurrency sector has seen a long-awaited development towards mainstream adoption over the past year, and Cardano’s blockchain, which is considered to be a competitor of Ethereum, has finally come close to fulfilling this mission. Over the past year, the Cardano network has grown significantly due to the increase in the number of wallets with native ADA tokens.
The number of wallets in the Cardano network increased by 1,200% during the year
Since December 2020, the number of Cardano wallets has increased by more than 1,200%, according to the Cardano Foundation. Less than 200,000 ADA wallets were celebrated last Christmas, and today the number has exceeded 2.5 million addresses.
Happy Friday and Happy Christmas Eve! 🎄 pic.twitter.com/VHyklCLaSE
– Cardano Foundation (@CardanoStiftung) December 24, 2021
The popularity of ADA is on the rise, along with significant developments in the ecosystem. We are talking about big updates like hard fork Alonzo.
It brought a long-awaited feature for smart contracts to the blockchain. This month, the number of smart contracts placed on the Plutus platform reached a total of 888. After that, there was cooperation with various croup projects, but Ethereum is still very far from overcoming.
The events at the Cardano Ecosystem have served as a catalyst for the rise in the price of the ADA, which has strengthened its position in the top 10. The ADA is currently the sixth largest crypto and trades for $ 1.43 with a market capitalization of $ 45.5 billion. The token has increased by 900% since the beginning of the year.
The increase in the number of Cardano wallets indicates significant growth in the Cardano community and also indicates that most ADA holders are retail investors. It holds a small number of tokens, making Cardano a decentralized network.
The launch of decentralized exchange offices (DEX) on the Cardano blockchain has also attracted interest from the crypto community and lured some users away from Ethereum due to low transaction fees.