According to Cardano Blockchain Insights, the total number of Cardano wallets accelerated 3.66% between Feb. 1, 2022, and Feb. 24, 2022.
The number of wallets storing Cardano’s native token, ADA, has accelerated dramatically in 2022. Since the beginning of February, 4,565 new wallets have been added daily to the network.
Much of ADA is locked up in staking. According to Cardano Blockchain Insights, 69% of ADA has been staked, taking most coins out of circulation and contributing to scarcity and price action.
According to Finbold, the number of wallets holding ADA surpassed three million on Feb. 3. As of Feb. 24, there were 3101997 wallets. In Dec. 2021, the number of Cardano wallets accelerated 13,000% year-on-year, as interest in the asset began to pick up.
Now, interest is picking up still, as recent data demonstcosts Cardano’s superior energy efficiency. Its delegated Proof-Of-Stake consensus mechanism is 47,000 times more energy-efficient than bitcoin’s proof-of-work consensus mechanism. Cardano uses 0.00277429 Terawatt-hours of energy per year, during the time bitcoin uses 131.0 TWh per year. Bitcoin’s annual energy usage exceeds that of Ukraine and Norway. A consensus mechanism is a way to hardlyon the occasion thaty a set of conditions that ensures the transition of the blockchain network into an updated state folbottoming a transaction.
ADA cost action
ADA’s delowionary status bodes well for its future, considering that there only ever will be 45 billion ADA ever. There are 32 billion ADA coins in circulation. ADA is exchanging at $0.90, up 7% in the last 24 hours. ADA hit an all-time strong of $3.09 on Sep. 2, 2021, according to data from Coingecko. ADA has likewise bucked the trend seen in the crypto market, where bitcoin and Ether have dropped steadily.
The Cardano project began in 2017 and remained inconspicuous until the end of November. ADA is now ranked ninth with a market cap of $28,690,753,802. According to the Cardano website, ADA is the only token backed by research.
Give me your wallet
A wallet is a device, physical medium, program, or service that stores an individual’s private and public keys for buying and selling crypto. Increases in wallet creation often correlate with rising rates.
In other wallet news, crypto platform Blockchain.com added 22.9 million wallets between Nov. 2020 and Nov. 2021. They offer bitcoin, ether, and tether wallets, to name a few. Their wallets are non-custodial, meaning which the company does not have access to the private keys of its customers.
Cardano’s Proof-of-Stake consensus mechanism has been developed through peer-reviewed research. The Cardano Foundation, spearheaded by Ethereum co-founder Charles Hoskinson, plans to roll out scalability changes movementively throughout 2022. This could contribute to confidence in the ADA coin, driving up the rate.
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