The number of wallets on the Cardano network has exploded, topping 3 million for the first time.
The numbers show an increase of 1,200% in just over a year.
Cardano network's active address count currently stands at 170,000, according to Messari data.
Since last year, the number of wallets in the Cardano network has registered exponential growth, currently surpassing the 3 million mark. The major milestone was highlighted on February 3 via the Cardano Community Twitter account, demonstrating that the number of Cardano wallets has accelerated in recent weeks.
By the end of December 2021, Cardano had a total of 2.5 million wallets, so, in almost six weeks, the network has added half a million new wallets. At the time of publication, the exact figure stands at 3,002,000 wallets, according to data from Cardano Blockchain Insights. For its part, the Cardano network's active address count currently stands at 170 thousand, having peaked in November at more than 485,000, according to Messari data.
A dizzying growth
The magnitude of the increase in Cardano wallets can be seen more fully over a longer period. For example, in December 2020, the Cardano blockchain had a total of 190,000 wallets, so the milestone reached represents a 1,200% increase in just over a year, and adoption shows no signs of slowing.
On the other hand, staking on the Cardano network has also experienced significant growth, with 1,160,251 staking wallets holding 70% of the ADA supply, according to pool.pm data.
Cardano updates, milestones, and growth
Cardano's adoption growth has been strengthened by several upgrades and milestones achieved over the past few months. For one, Cardano (ADA) recently reached the 1,000 Smart Contracts milestone. This milestone was a product of the Alonzo upgrade in September 2021, which opened the door for the use of DApps and DeFi on the network.
Over the past few weeks, Cardano also officially launched the launch of two decentralized exchanges (DEX): MuesliSwap and SundaeSwap. The latter suffered from a high trading volume on its debut, generating network congestion, which caused many transactions to be delayed on the network.
In this regard, Cardano recently announced that it intends to increase the storage capacity of each block on the network by 11%. The process would be done through an upgrade that will make the blocks, which have the current size of 72 kilobytes (KB), increase to 80 KB. In this way, each block would be able to store more transactions, which would prevent the network from suffering further congestion.
Another essential milestone recorded by Cardano occurred when it was announced that Pavia had become the first metaverse project of the Cardano network. This project issued a total of 100,000 virtual land parcels, which were minted as unique non-fungible tokens (NFT) with individual coordinates.