Cardano has grown by 1600% from December 2020
the number of wallets holding the native token of the Cardano blockchain, ADA, has grown significantly since last year, as evidenced by the increase in the number of wallets holding the native token of the network.
Cardano has grown by 1600% from December 2020, when there were 186,000 wallets, to the first quarter of 2022, when there are now approximately 3,200,000 wallets.
It should be noted that, since the start of 2022, the total number of ADA wallets has climbed by almost 500,000, with Cardano having crossed the three million wallet mark earlier this year in early February.
The rapid expansion of the network has coincided with an increase in the number of wallets in Q1. U.Today previously reported on the 11 ways Cardano plans to scale in 2022, and these improvements have led to increased interest from investors, especially institutional investors, as the number of on-chain transactions exceeding $100,000 grew 50x in 2022.
Cardano is in the early stages of the Basho phase, to develop an efficient ecosystem to enable and stimulate the creation of decentralized applications (dApps). With smart contracts currently in place, Basho is focused on scaling and network optimization. The Hydra protocol family plays an important role in this. Hydra is a set of Layer 2 solutions aimed at improving network security and scalability.
Cardano ecosystem and ADA price action
Cardano is seeing massive growth in the number of projects and on-chain activity. Nearly 900 projects are currently building on Cardano, with NFT marketplaces accounting for 3.6% and NFT collections representing a bigger chunk of 47.9%.
At press time, ADA is trading down 2% to $1.02, per CoinMarketCap, and ranks eighth among cryptocurrencies by market capitalization.
