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Cardano wallets have increased by over 1000% in the last year, surpassing the 3 million mark


February 5, 2022 · By MATheGooner
Cardano (ADA)

The Cardano blockchain has seen significant growth with a series of developments over the last year, including the long-awaited smart contracts functionality.

The number of wallets for ADA, the blockchain network’s native token, has skyrocketed. The number of wallets has surged by almost 1,200 percent in a year, from 190,000 last Christmas to 2.5 million on December 24, 2021, according to data from the Cardano Foundation.

The critical 3 million milestone has been reached at a time when the network is thriving thanks to numerous updates, with ADA ascending to become the world’s sixth most valuable cryptocurrency by market capitalization. 

Since the blockchain began accepting various assets on March 1, the Cardano network is believed to have grown to have over 3 million native assets developed on it. Non-fungible tokens are said to account for 2 million of the 2.5 million assets (NFTs).

As the blockchain progresses towards full decentralisation, the significant growth in wallets could indicate that the majority of current ADA holders are retail investors holding small amounts of the native token. 

Around 74 percent of the ADA supply has been staked on the network, piqueing investor interest as they await the introduction of new decentralized applications.

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