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Cardano’s New Record: 1 Million Wallets

CryptocurrencyMay 28, 2021 03:30AM ET
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Cardano’s New Record: 1 Million Wallets

  • The Cardano Network has reached a new milestone in its progress; one million wallets have been created on it.
  • This milestone was created ahead of the implementation of smart contract functionality which is scheduled to be launched later this year.
  • The one million wallet milestone was reached at a time when staking in Cardano is at an all-time high with over $34 billion being staked in various pools.
  • Cardano is down by more than 10% in the last 24 hours and has a market capitalization of over $49 billion at the time of publishing.

Cardano often hailed as the most trustable coin, has hit another epic milestone of 1 million wallets being created on the Network. This milestone comes at a time when staking Cardano is reaching peak levels in anticipation of the launch of smart contract functionalities on the network.

Cardano reached its highest peak with a price of $2.46 after braving the market tremors triggered by Elon Musk’s statement concerning the environmental impact of Bitcoin. As a green project, Cardano’s popularity has soared in recent weeks.

New Week, New Records

Only last week, Cardano’s price was on a meteoric rise after it reached an all-time high of $2.46 amid a bearish market sentiment. The project has celebrated yet another milestone that sees it record 1 million wallets being created on the network. The achievement was made public through the official Twitter handle of the Cardano Community which has over 600k followers.

The update which has garnered over 13k likes revealed that 70% of ADA in circulation is staked in nearly 2,500 pools around the world. It was also revealed that over $500 million worth of ADA has been put to charity-focused initiatives and the accruable rewards from the pools will be distributed to over 100 charitable organizations around the world.

Furthermore, the community unveiled a collaboration with Save the Children and the COTI network which will allow for ease of receiving donations without the need for conversion into fiat.

The 1 million wallet milestone achieved by Cardano was a result of thousands of new wallets being created daily. According to Pieter Nierop, the speed of wallet creation on days when the market indicated a bearish sentiment was well over 6,800 new wallets per day.

On the Flipside

  • Cardano loses 4th place to Binance Coin on the list of coins according to their market capitalization despite an impressive rally.
  • Binance Coin has a market capitalization of $56.1 billion while Cardano seats at 5th place with a market capitalization of $55.3 billion.

Cardano’s Trust and Innovation

The revelation that Cardano is a green project that consumes only a fraction of Bitcoin’s energy consumption led in no small measure to the attainment of new milestones.

The project has a slew of innovations lined up to be rolled out in the near future. The most anticipated is the deployment of smart contract functionality which will enable the launching of powerful DApps on the network.

In addition to smart contract capabilities, Cardano will also be unveiling a conversion mechanism that will allow for the seamless conversion of ERC-20 tokens to Cardano-based tokens so the interaction of protocol on the network will be made possible.

As a result of these features and proposed innovation, trust in Cardano has reached its peak and resulted in the achievement of a record high price of $2.46 and a spike in the market capitalization to over $55 billion. Furthermore, the last 24 hours have seen Cardano losing over 10% and daily trading volumes are at $4 billion.

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Cardano’s New Record: 1 Million Wallets
 

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