146

Cardano adds over 100,000 new staking addresses in 2 months

Cardano adds over 100,000 new staking addresses in 2 months
Jordan
Major
8 months ago
3 mins read

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.

​​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.

ADA 7 day market cap. CoinMarketCap.com

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.

ADA/BTC Chart. Source: Michael van de Poppe

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.

What we like:

Highly credible broker

Perfect for beginners

Protected by insurance

80+ cryptocurrencies to invest

Latest News

Join us on Twitter or Telegram

Or follow us on Flipboard Flipboard

Like the article? Vote up or share on your social media

Recommended content

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s

Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

AD