Cardano has grown by 1600% from December 2020

The number of wallets that hold the native token of the Cardano blockchain, ADA, has increased significantly since the past year, as evidenced by the increase in the number of wallets holding the network’s native tokens.

Cardano reports 1600% growth in ADA wallets so far in 2022

Cardano had grown by 1600% from December 2020, when it had 186,000 wallets, to the first quarter of 2022, when it now has about 3,200,000 wallets.

It is worth noting that, since the beginning of 2022, the total number of ADA wallets has increased by almost 500,000, with Cardano having passed the three million wallet mark earlier this year in early February.

The rapid network expansion coincided with an increase in the number of wallets in Q1. Previously, there were 11 ways in which Cardano plans to scale in 2022, and these improvements have led to the interest of investors, especially institutional investors, given the number of transactions. On-chain transactions exceeding $100,000 have increased 50-fold by 2022.

Cardano is in the early stages of the Basho phase, which aims to develop an efficient ecosystem to enable and stimulate the creation of decentralized applications (dApps). With smart contracts in place, Basho is all about scaling and optimizing the network. The Hydra protocol family plays an important role in this. Hydra is a collection of Layer 2 solutions that improve network scalability and security.

Cardano is seeing massive growth in the number of projects and on-chain activity. Nearly 900 projects are currently being built on Cardano, with the NFT market accounting for 3.6% and the NFT collection making up a larger share of 47.9%.

At press time, ADA is trading down 2% at $1.02, according to CoinMarketCap, and ranks as the eighth-largest cryptocurrency by market capitalization.

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