Thursday, October 5, 2023

Cardano Wallets Surges to 100k


Since March 22, the number of ADA wallets has climbed by 100,000, bringing the total to 3.268 million as of April 19.

With 400 new projects in the works on the Cardano (ADA) blockchain, things are starting to heat up. This is in addition to the 100,000 new wallets established in the previous month.

About 900 Projects in Progress

According to a tweet from Cardano founders Input Output (IOHK) on April 19, the network has approximately 900 projects in progress. Since March 11, the number has increased by about 400. This comes after IOHK Vice President Tim Harrison indicated on Linkedin that the overall number of people was roughly 500.

In 2017, Ethereum co-founder Charles Hoskinson founded Cardano, a public and decentralized proof-of-stake (PoS) blockchain. He later quit the team due to disagreements about the network’s future direction.

Some have highlighted Cardano’s positive developments during the last ten days. Six projects, ranging from token swaps to DeFi applications, went live on the mainnet, joined test nets, or were launched via open beta, according to IOHK.

The AGIX ERC-20 Converter Bride is a new project that has gotten a lot of interest. It was created in partnership with SingularityNET.

This Monday, the tool went online, allowing users to transfer Ethereum-based ERC-20 Tokens to Cardano. The DeFi sector of the network is projected to benefit significantly.

Limited dApps Running

Despite an increase in the number of projects in development, Cardano appears to have a restricted amount of DApps that are up and operating. Only ten different platforms are listed by the DeFi Llama, with a total value of $224.96. (TVL). In addition to their native tokens, four of the platforms offer $0 TVL.

Cardano does not even crack the top 15 blockchains in terms of sales volume over the last 24 hours on the NFT side of things. Despite the fact that Theta, placed fifteenth, only generated $375 during that time span.

Since introducing smart contracts in September, Cardano has been on a slow burn. However, the network has yet to really take off and offer Ethereum with the much-anticipated competition (ETH) Even fellow “ETH killers” like Solana, Avalanche, and Flow fall into this category.

However, in a video released to his YouTube channel, founder Charles Hoskinson stated that the tide would be turning shortly with the forthcoming Vasil Hard Fork upgrade in June.

He claims it will provide Cardano and its smart contract capabilities a huge performance boost.

ADA Wallet Surge

Wallet activity on Cardano is one area where there is a lot of growth right now. Since March 22, according to Cardano Blockchain Insights, the number of ADA wallets has climbed by 100,000. As of April 19, the overall figure stood at 3.268 million.

The average daily rate of new ADA wallets has risen from roughly 2,000 to 8,129 in that time. The daily transaction/payment volume has barely budged. However, from 106,952 on March 22 to 106,525 on April 19, it fell.

However, since the start of 2022, transactions larger than $100,000 have surged 50 times. This shows that there may already be substantial institutional demand.

Ivan Cruz
Ivan Cruz
Ivan Cruz is a writer for Cryptoconstellation. He has his Masters in Applied Research in Economics & Business. Ivan has been trading crypto for the past 7 years himself and feels it is his duty to bring you all the latest news.

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