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Cardano wallets (ADA) rise to record more than 3 million wallets…Details here

Cardano wallets (ADA) rise to record more than 3 million wallets…Details here

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Answer Cardano wallets (ADA) rise to record more than 3 million wallets…Details here

The number of unique wallets on the Cardano blockchain has reached a new all-time high, surpassing the previous record set in December 2021.

ADA Wallets up to 3 million unique wallets:

In a previous tweet, Cardano’s Twitter account announced that 3 million ADA wallets had been accessed and registered in less than two months, after 2.5 million addresses were registered in December 2021.

Since then, more than 500,000 ADA wallets have been added to the network.

According to data from Cardano, the total number of ADA wallets is currently 3,002,727, with an average of 5,122 wallets added daily.

Additionally, the network currently owns approximately 1,145,479 static addresses, which hold more than $25 billion worth, approximately 70.78% of the total ADA supply.

Smart Contracts on Cardano:

The increased activity on Cardano began after the publication and addition of smart contracts last year.

As a reminder, Cardano implemented the “Alonzo” upgrade in September 2021, enabling developers to build smart contracts and decentralized applications (dApps) on the network for the first time.

The upgrade boosted the platform’s scalability and speed and continued to attract developers and a number of dApps to the Cardano ecosystem.

Just a week ago, smart contracts on the Cardano blockchain crossed the 1000 level, and the current figure stands at 1190.

Three months after the Alonzo upgrade, Cardano welcomed the first decentralized trading platform, SundaeSwap, after it launched on January 20, 2022, but the feat led to network congestion, leading to many failed transactions and frequent errors.

Cardano expansion:

To further boost network performance, Cardano’s research and development company, IOHK, has announced an 11% increase in total block size, from 72KB to 80KB, allowing it to conduct more transactions.

Read:Binance announces 12.5 bitcoin reward contest to encourage trading

Additionally, the company has also increased the “Plutus” script memory module per transaction from 12.5 million to 14 million, increasing the amount of data that can be included in a single transaction.

ADA has also grown to become the sixth largest cryptocurrency by market capitalization.

At the time of writing this article, the ADA cryptocurrency is trading above $1.15.

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