Cardano Has Seen a 1600% Increase in ADA Wallets in 2022

Cardano has seen a 1600% increase in ADA wallets in 2022

The number of wallets holding Cardano’s native token, ADA, has skyrocketed in the last year, as indicated by the growth in wallets holding the network’s native token.

From December 2020, when there were 186,000 wallets, to the first quarter of 2022, when there are currently around 3,200,000 wallets, Cardano has expanded by 1600%.

It’s worthy of note that the overall number of ADA wallets has increased by about 500,000 since the start of 2022, with Cardano breaking the three million wallet mark earlier this year at the beginning of February.

The layer 1 blockchain is now in the Basho stage of development, which aims to create an efficient environment that will enable and encourage the production of decentralized apps (dApps). Basho is all about scale and network optimization, with smart contracts already in place. The Hydra protocol family is crucial in this regard. Hydra is a set of Layer 2 technologies that aim to boost network security and scalability.

The number of projects and on-chain activities in Cardano is rapidly increasing. On Cardano, around 900 projects are actively under development, with NFT markets accounting for 3.6% and NFT collections accounting for 47.9%.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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