Cardano’s (ADA) ecosystem continues to grow, with the platform’s native token ADA recently soaring to climb back above Solana (SOL) as the fifth most valuable cryptocurrency by market cap.
During this period of growth, figures from Pooltool, a Cardano data aggregation tool, indicate that ADA’s staking wallets reached a total stake addresses of 942,117 on November 10, 2021, notable since the figures on September 10, 2021, the platform has added 121,093 wallets, an increase of 14.7% from 821,024 addresses.
Additionally, the entire amount of ADA staked is valued at $53.6 billion, or 72.17% of the total currency supply.
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Cardano also hit over 2 million wallets on November 2. The fact that the ADA price has been flat for many weeks has not impacted the foundations of the cryptocurrency’s success, as the previous milestone of 1 million ADA wallets was reached on May 22.
ADA keeps adding new staking addresses
In total, since June 3, 2021, the platform has gained 333,726 wallets, up from 608,391 addresses, indicating a remarkable 54.8% increase in five months.
As Cardano’s network expands and real-world use rises in 2021, the new staking milestone contributes to the cryptocurrency’s explosive ascent in the market.
Following a prolonged period of inactivity, Cardano has managed to make a solid breakthrough higher. Presently, ADA is trading around the $2.22 mark, down 3.09% on the day but up 7.48% in the last week, with a market cap of over $73 billion, as per CoinMarketCap statistics.
Notably, leading crypto trading analyst Michaël van de Poppe has noted that “Cardano is interesting on the $BTC pair.” The trading expert has identified that support is forming around 0.00003194 satoshis on the ADA/BTC pair chart support while the RSI is resetting. Still, Poppe indicates an area of 0.00002332 and 0.00001997 as the next support area if the above level is lost.
Cardano continues to update
The ecosystem has entered a new age after implementing its smart contract capabilities with Hard Fork Combinator (HFC) event Alonzo, and many investors are banking on the ecosystem’s further expansion.
Cardano’s planned Hydra update is a layer-two solution that is intended to increase the scalability of the network as it continues to develop at a fast pace. For this to happen, ADA must conduct transactions off-chain while still relying on the main-chain ledger for settlement purposes.
As a result, transaction costs may be greatly reduced, and the processing time can be significantly reduced.
Several hypothetical statistics, including 1,000,000 transactions per second (TPS), have been floated in connection with this improvement. To provide some perspective, the payment processing firm Visa (NYSE: V) has a peak transaction processing speed of 24,000 TPS.
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