Over the last year, the Cardano blockchain has enjoyed exponential growth, as seen by the sheer number of wallets holding the coin’s ADA token.
As of December 2021, the total combined wallets of Cardano stood at 2.5 million, with an additional 500,000 wallets added later. Moreover, as recorded on February 3, the ADA wallets now stand at a whopping 3.002,727, indicating that more than 12,000 wallets are being added per day, resulting in a substantial rise in the number of ADA token holders.
Cardano’s Wallets Continue To Grow
It is worth mentioning that the number of wallet owners in the Cardano network has risen to 1,200%, a remarkable increase compared to the previous record, which stood at 2.5 million in December, and the steady growth is a pointer to the rapid rise of Cardano in the cryptocurrency market. The pace at which Cardano grows is not lost on industry insiders who have foreseen some growth following the steps the blockchain took to achieve the feat.
However, the enormous growth experienced by Cardano came at a time when the blockchain underwent a lot of upgrades to its network to boost efficiency, making the ADA token jump into the top 10 of the largest crypto in the world in terms of market capitalization. Moving to sixth place in the top chart of the crypto table has made Cardano the center of attention. It has a corresponding likelihood of increasing its wallet owners’ trading.
Furthermore, on the part of Cardano, the updates undergone by Cardano spark the favorable outcomes it is now enjoying, with investors finding it attractive once more than it was before. The boom generates interest from crypto-hungry investors who are always looking for the subsequent growth of digital coins to include in their portfolios.
ADA Network Upgrade
Coincidentally, the milestone reached by the smart contract on Cardano’s network in January came when the wallet is experiencing some of its most celebrated growth in network development. Coming next, between the last days of January and the first day of February, is Cardano’s most significant increase in its smart contracts.
The speed and scalability of ADA were enhanced in September last year by the addition of intelligent contract features designed to boost and optimize the system and performance of the blockchain. The subsequent update has had an immediate impact on the load capability of the Cardano blockchain, which has seen the blockchain sustain a steady level of load more sustainably than ever before.
Meld, a decentralized finance protocol, is a newly launched network on the Cardano blockchain to secure tokens on the platform. A couple of days after launching, Meld has succeeded in securing almost 100 million stakes in its token, MELD.
Looking toward Cardano’s value in the cryptocurrency marketplace, the coin is currently trading at $1.07 and has moved up by 2.47% in the past 24 hours. The price indicates an upward trend in the percentage of 3.56% spanning the previous week.