HARD WALLET

Cardano ($ADA) Network Surpasses 3.5 Million Wallet Milestone

The total number of wallets on the Cardano ($ADA) blockchain has surpassed the 3.5 million wallet milestone at a time in which the cryptocurrency’s developers are working on its upcoming Vasil hard fork, and support for it keeps growing.

According to data from Cardano Blockchain Insights, the Cardano network now has a little over 3.5 million wallets on it, up from 2.5 million back in December 2021, meaning that since the beginning of the year the network added around 1 million new wallets.

Similarly, the number of delegators on the network umped from a little over 1 million users to 1.17 million. It’s worth noting that in early February the Cardano blockchain hit the 3 million wallet milestone, meaning that in six months – marked by a significant downturn in cryptoasset prices – Cardano added over half a million new wallets, as Finbold points out.

Source: Cardano Blockchain Insights

It’s important to point out that one wallet does not necessarily mean one active user. One user can create as many wallets as they want to on a blockchain, and some custody services may hold the funds of thousands of users in a single wallet.

As CryptoGlobe reported, the number of smart contracts deployed on the Cardano network has also reached a new milestone above the 3,000 mark for the first time in the cryptocurrency’s history as developers work on it ahead of the Vasil hard fork.




Plutus, it’s worth noting, is the “smart contract platform of the Cardano blockchain” that allows users to “write applications that interact with the Cardano blockchain.”

Cardano is now moving closer to its Vasil hard fork which is expected to deliver a “massive” performance improvement to the cryptocurrency’s network, but was delayed by “a few more weeks.”

The Vasil hard fork will involve four Cardano Improvement Proposals (CIPs). Investors have nevertheless been betting on it, with data from Coinbase’s price pages showing that users of the Nasdaq-listed cryptocurrency exchange have a typical ADA hold time of over 153 days, meaning that Cardano traders on the platform hold onto their assets for that long before “selling it or sending it to another account or address.”

Notably, an artificial intelligence-based price prediction model is suggesting that the price of Cardano’s native token ADA is going to surge to trade at $2.9 by September of this year, representing a 530% increase from the cryptocurrency’s current price.

Image Credit

Featured image via Unsplash

Traciwininger
Author: Traciwininger

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