There are now three million wallets on the network
The Cardano network has reached yet another significant milestone, surpassing three million wallets, according to a recent update published by the Cardano Community Twitter account.
The leading proof-of-stake blockchain surpassed one million wallets last May.
According to a recent report published by Kraken, more than 11,000 wallets get created on a daily basis.
The network has grown by 1,348% over the past year. There are over one million delegated wallets on the blockchain, representing an annual increase of 870%.
As of January 2021, there were only 203,519 total wallets, of which 112,469 were delegated ones.
While Cardano launched smart contacts last September, there are still very few decentralized applications. The need for developers to adapt to the Extended Unspent Transaction Output (eUTXO) model is one of the main reasons for the relatively slow progress.
That said, Cardano-based DEX SundaeSwap went live on the mainnet last month, with a slew of other dApps waiting in the pipeline to be launched.
As reported by U.Today, Cardano overtook Ethereum in daily transaction volume in early January. As a result, network congestion has exceeded 90%, which has significantly slowed down the network.
Input Output developers are currently working on implementing various scaling solutions during the “Basho” era of the blockchain’s development.
A bullish catalyst
The Kraken report highlights the fact that there is a strong correction between ADA’s price action and network growth.
Hence, the much-anticipated rollout of applications could prove to be another tailwind for the token.
ADA is down 65.40% from its record high of $3.09 hit on September 2.
