Cardano hits 1 million wallet milestone

Cardano ADA

Cardano (ADA) is one of the fastest-growing blockchain networks that was started by the co-founder of Ethereum, Charles Hoskinson. Cardano’s ADA is among the top five cryptocurrencies with a market capitalization of nearly $50 billion USD.

Amid the crypto market breakdown last week, Cardano came out as a strong value digital asset holding to an all-time high. Cardano also announced two major development that will strengthen the ecosystem even further. Alonzo hard fork that will enable developers to finally be able to build smart contracts on Cardano and ERC20 tokens converter that will allow ethereum developers to jump ship and join the Cardano network.

According to Cardano Foundation, Cardano now holds 1 million wallets around the globe and it is increasing at a rate of ~6800 wallets a day. That’s a big achievement for any blockchain network apart from the big two bitcoin and ethereum that currently stand at 73M+ and 153M+ wallets respectively.

Cardano wallets
Cardano wallets, Source: https://twitter.com/nierop_pieter/status/1354108194465968129/photo/1

It is also worth noting that more than 70% of ADA (worth approximately $33.95 billion at press time) is staked across the world in nearly 2,500 active pools according to the Cardano foundation.

Cardano is currently the best performing asset in the market along with Matic/Polygon. At press time Cardano (ADA) is trading at $1.49, up 13% in the last 24 hours, and 38.8% over the last 30 days as per CoinMarketCap data.

ADA Cardano price
Source: CoinMarketCap

Amid the current energy drama in the crypto market, Cardano is also seeing increased institutional interest in its ecosystem. Last week there was an inflow of $10 million USD from institutions. It is a sign that investors are actively looking for proof-of-stake based digital assets over environmental concerns and to adhere to long-term ESG compliance.

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