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Cardano Expands, 1600% Growth in ADA Wallets in 2022

Cardano-Wallets-Reported-1600%-Growth-in-2022 Cardano News
  • Number of wallets holding the Cardano token ADA has increased by 1600%.
  • Cardano is now in the Basho stage of development.
  • Word of mouth and constant updates keep the coin relevant.

According to reports, wallets holding ADA have increased significantly. In December 2020, there were 186,000 wallets holding ADA. And as of the first quarter of 2022, there are approximately 3,200,000 wallets. This means that Cardano has grown by a whopping 1600%.

Notably, in January, Cardano’s parent company, Input-Output had detailed upcoming on-chain and off-chain solutions that are designed to help Cardano scale in 2022.

Cardano is now in the Basho stage of development. This means that the network aims to create a conducive environment that will help the production of decentralized apps (dApps). As mentioned in the Cardano roadmap, the Basho era of Cardano is an era of optimization, improving the scalability and interoperability of the network.

Additionally, the Hydra protocol family is expected to aid this development. Hydra is a set of Layer 2 technologies crafted to increase network security and scalability.

Charles Hoskinson, the founder, and CEO of Cardano, also seems optimistic about the growth of the layer-1 blockchain.

As we approach closer and closer to hyperinflation, it used to be millions, then it was billions, and now it’s trillions. Soon enough, every one of you will be a billionaire,

And even though public sentiments were not very positive for ADA’s price in recent times, the truth is that Cardano has grown considerably in the last few months. Apart from the wallet numbers multiplying, Cardano’s total value locked (TVL) has also continued to grow substantially. Moreover, the number of NFTs on Cardano has advanced.

It is important to note that, unlike several other coins that thrived on the popularity of celebrities that endorsed them, Cardano has stayed relevant due to its usability and word of mouth. And recent developments have caused several investors to show interest in the coin.

At the time of writing, ADA trades at a price of $0.950030 with a 24-hour growth rate of -6.6%.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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Shylin is a technical writer who has worked, for several years, in the business and consulting space. She is completely in awe of and ever-intrigued by technology. An avid reader and active member of several creative writer groups, she spends most of her time writing or thinking about writing.