Cardano’s Network Usage Increases, 3 Million Wallets now Hold ADA

Oluwapelumi Adejumo
·2 min read
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Proof of stake blockchain network Cardano is growing in popularity. It announced yesterday on Twitter that it has reached 3 million ADA wallets. There are now 3 million wallets holding ADA, Cardano’s native token going by this announcement.

Wallets Hodling Cardano Hits 3 Million

This is good news for Cardano blockchain as it seeks to expand in 2022. The decentralized network, which launched in 2017, is one of the biggest proof of stake networks. 

Founded by Charles Hoskinson, who’s also a co-founder of Ethereum, Cardano’s development has been relatively slow compared to similar networks with smart contract capabilities.

This is most notable in its native token ADA, which is currently trading at $1.07, less than half its all-time high of $3.09. 

ADA price performance over the years is less impressive than the native tokens of similar smart contract-enabled platforms like Solana and Ethereum. Its year-to-date price increase is only 142.3%, much lower than that of SOL which is 1,759%.

As of press time, ADA has risen by 2.0% within the last seven days. In the last 24 hours, the price has increased by 2.9%. 

Cardano has Made Notable Progress and Partnerships

Despite the relatively below-average price performance, Cardano has made significant progress.

It has partnerships with various countries, including Georgia and Ethiopia, to implement its technology in the countries. Beyond that, it also has a collaboration with footwear maker New Balance.

It already has some plans for 2022 as it seeks to improve its smart contract capabilities. Earlier this year, the CEO, Charles Hoskinson, announced that part of his new year plan is to implement the extended UTXO model for Cardano smart contract. As we reported then, work is already ongoing with plans to deploy by October.

This year already, Cardano has partnered with electronics giant Samsung. Through the partnership, Samsung will gain exposure to Cardano as part of its land restoration efforts. 

In addition, a number of decentralized exchanges have also recently launched on the blockchain network boosting its long-heralded dive into DeFi.

This article was originally posted on FX Empire

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