Cardano (ADA) Network Adds Over 450,000 Wallets in Q1 2022

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  • Cardano has added almost 100,000 wallets to its network in the previous month.
  • The Alonzo hard fork adds support for Plutus smart contracts.

Since last year, there has been a massive rise in the number of wallets containing Cardano’s native currency, ADA, which is proof of this. As ADA wallets surpassed the 3 million mark in 2022, the network gained over 450,000 wallets in Q1, 2022, an average daily rate of 5,000.

It’s worth noting that Cardano has added almost 100,000 wallets to its network in the previous month. According to data from Cardano Blockchain Insights, on March 17, ADA had 3,159,444 wallets, an increase of 93,630 between that date and April 17, when the total reached 3,253,074.

Quick Network Expansion

An increase in wallets over the previous month indicates how quickly the network is expanding. ERC-20 Converter went online on Mainnet on April 18, 2022, and it’s going to be a big deal. To “extend the variety of use cases for application developers and businesses,” the platform would “support the ERC20 token migration to its platform.”

Thanks to the introduction of the ERC-20 converter, Ethereum tokens may now be transferred to the Cardano blockchain. In addition, the introduction of the ERC-20 converter is expected to spur more ADA development and boost the platform’s DeFi offerings.

Because the Alonzo hard fork adds support for Plutus smart contracts and the increased transaction capacity and lowers fees offered by the Cardano network, token holders of supported Ethereum tokens had hoped that they would be able to move their assets away from Ethereum to take advantage of these new features. According to CMC, the Cardano price today is $0.949626 USD with a 24-hour trading volume of $761,111,561 USD. Cardano has been up 2.21% in the last 24 hours.

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