The Cardano blockchain has seen significant growth since the launch of its staking era last July, a feat that has been most evident in the number of new users joining the network. The latest data has shown that the total number of ADA wallets increased by almost 40 percent since the beginning of the year, with the total number growing at an average pace of 1.5 percent per day.
Cardano sees a huge increase in the number of new wallets on the network
While most of the market measures the success of a network by the performance of its underlying asset, sometimes the only true measure of growth can be seen through the acquisition of new users.
This is the case with Cardano. Despite the solid performance ADA has shown in this bull cycle, the real success of the network is seen in its decentralization. According to the latest data published by stake pool operator Pieter Nierop, there has been a steady increase of new ADA wallets created every day for the past 30 days.
His data has shown that the total number of ADA wallets has increased 37.8 percent in the past month—growing from 191,581 on Dec. 25, 2020, to 280,475 on Jan. 25, 2021.
Zooming out a bit reveals that there has been a steady, sustainable increase in the total number of wallets created since at least Dec. 10.
Steady growth in new users means more decentralization
The increase in the number of new wallets created on the network naturally brings with itself an increase in the actual number of users on the network. However, one of the few metrics related to Cardano that has actually been decreasing is the average amount of ADA held in delegated wallets.
This means that there is now a significant amount of users of the network that have smaller amounts of stake delegated.
With more people delegating their funds to stake pools, no matter how small they might be, the more decentralized the network becomes. At press time, 69.67 percent of the total circulating supply of ADA has been staked on the network. Over 55 percent of the wallets on the network have delegated all of their funds to stake pools, marking a significant milestone in the network’s road to complete decentralization.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com