Cardano Active Wallets Exceed 3 Million, Representing A 1000% Year-on-Year Increase.

Cardano has reached 3 million active wallets, a more than 1000 % growth year on year. Other significant on-chain indicators show huge rise in Cardano network activity. Cardano developers, IOHK, are adjusting network parameters to keep up with the network’s development.

The number of active wallets on the Cardano blockchain has surpassed 3 million. The milestone, originally noted by the Cardano Community Twitter tab, represents a more than 1000% increases in the number of wallets on the network compared to a year ago.

According to ADAstats, the number of active delegators on the proof-of-stake network has also risen exponentially. Delegators have surpassed 1.1 million, representing an increase of almost 870% over the previous year. Over 70% of the total supply of ADA was assigned on the network in January. In addition, the network has witnessed a large growth in daily transactions, often surpassing even Ethereum while keeping much cheaper rates.

Likewise, the Cardano network’s smart contracts features are being tested. Last month, Cardano reached a milestone of over 1000 smart contract scripts. These scripts have been used in a number of decentralized apps (dApps) that have been deployed on both the Cardano testnet and mainnet. 

Sundaeswap, an AMM DEX, is presently the frontrunner among Cardano DeFi platforms, with over $71 million in ADA locked up. According to Defillama statistics, Sundaeswap’s TVL represents 83.47% of the TVL locked in DeFi on Cardano.

Due to the increased network traffic, the Cardano blockchain is experiencing substantial congestion. IOHK, the blockchain’s developer led by Charles Hoskinson, has outlined a strategy to add stability to the network into 2022 as part of its ‘Basho’ period. This roadmap, which consists of several incremental stages spread out over the course of the year, has already begun to be executed.

In a recent update, IOHK said that it will be altering network settings on February 4th. The network change will increase the network’s block size by 11%, from 72 to 80 kilobytes (kB). The upgrade will also boost the RAM units available for Plutus scripts by 1.5 million, from 12.5 million to 14 million.

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