Cardano expands, with a 1600% increase in ADA wallets by 2022

Cardano expands, with a 1600% increase in ADA wallets by 2022

• The number of wallets that contain the Cardano coin ADA has risen by 1600%.
• Cardano is now in the stage of development known as Basho.
• The coin's relevance is maintained by word of mouth and regular updates.

Wallets containing ADA have surged dramatically, according to reports. There were 186,000 wallets carrying ADA in December 2020. There are around 3,200,000 wallets as of the first quarter of 2022. This translates to a 1600% increase in Cardano's value.

Cardano expands, with a 1600% increase in ADA wallets by 2022

Input-Output, Cardano's parent firm, announced forthcoming on-chain and off-chain solutions in January, with the goal of helping Cardano scale in 2022.

Cardano is now in the stage of development known as Basho. This means that the network wants to foster an environment that encourages the development of decentralised apps (dApps). The Basho age of Cardano, as stated in the Cardano roadmap, is an era of optimization, with the network's scalability and interoperability being improved.

This evolution is also expected to be aided by the Hydra protocol family. Hydra is a collection of Layer 2 protocols designed to improve network security and scalability.

Cardano's founder and CEO, Charles Hoskinson, is also confident about the layer-1 blockchain's future.

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It used to be millions, then billions, and now trillions as we get closer and closer to hyperinflation. Every single one of you will be a billionaire in no time.,,

Even though popular perceptions of ADA's pricing have been negative in recent months, the truth is that Cardano has grown significantly in the last few months. Apart from the increasing wallet numbers, Cardano's total value locked (TVL) has also increased significantly. In addition, the number of NFTs on Cardano has increased.

It's worth noting that, unlike a number of other coins that have benefited from celebrity endorsements, Cardano has remained relevant owing to its usability and word of mouth. Recent events have piqued the interest of various investors in the coin.

Cardano expands, with a 1600% increase in ADA wallets by 2022

At the time of writing, ADA is trading at $0.950030, representing a -6.6 percent 24-hour growth rate.

Disclaimer: The author's thoughts and opinions are purely his or her own and do not necessarily reflect those of SONY Net Business. This article is not meant to be taken as investment advice. Before investing in crypto currencies, SONY Net Business advises all consumers to conduct their own research.