New Wallets Surge On Cardano, What’s Behind This?
20 Aprile 2022 - 1:00AM
NEWSBTC
The Cardano network is no stranger to accelerated growth but every
now and then, there is a spike that causes the market to take a
pause. This has been the case with the number of new wallets added
on a daily basis which had reached a high of 7,600 new wallets
added in a single day. While this is going on, speculations abound
as to why the network is now seeing this rate of accelerated growth
compared to when the market was still in a bull trend. More
Adoption Coming The adoption of the Cardano network has been one of
the reasons behind this increased interest in the blockchain. More
users are coming to know Cardano as a major contender in the
decentralized finance (DeFi) space, thus prompting them to start
using the network. The result of this was not only had daily new
addresses hit 7,600 in a single day, there had been more than
200,000 new addresses added to the network in the space of a month.
Related Reading | The Young Turks Embarrass Themselves Trying
To Discuss Crypto Regulation One solid reason behind this has been
the adoption of the network for its NFT capabilities. Now, like
with much else, the Cardano network offers cheaper and faster
transactions compared to its biggest competitor, Ethereum. This has
led some prominent figures to choose the network as the platform to
launch their NFT projects. One of these is legendary rapper Snoop
Dogg who announced that he would be launching an NFT collection on
the blockchain. ADA price falls below $1 | Source: ADAUSD on
TradingView.com No doubt the entrance of such a prominent figure
into the Cardano space has spurred interest from followers of the
superstar, who would want to take advantage of the network the
rapper is using. Blockchain Insights also draws this same
conclusion, tying the increased interest in the network to the
rapper’s NFT launch. Today 7687 new ADA wallets per day. Hard
to be certain what caused this massive spike of new ADA wallets per
day but we will take a guess and attribut this to @The_ClayMates
and @SnoopDogg partnership. https://t.co/MWDH2hCgeO
pic.twitter.com/vWwZa7O4k6 — Cardano Blockchain Insights
(@InsightsCardano) April 18, 2022 More People Building On Cardano
The Cardano DeFi space is still very young compared to its
competitors but that has not meant that the network has staggered
in its growth. IOHK, the developer behind Cardano, in a recent
report, revealed that there are almost 900 projects that are
currently being built on the Cardano network, and what’s more, this
number is growing by the day. Related Reading | Conquering
Terrain: Terra’s Stablecoin UST Is Now Crypto’s Third Biggest This
accelerated rate at which developers are building on the blockchain
shows interest from different parties. These projects which are set
to launch on the blockchain will no doubt make it one of the top
contenders in the future. Cardano founder Charles Hoskinson has
said that the network is “just getting started” in response to a
tweet that shared the milestone of more than 100,000 wallets added
in a month. The founder also recently proposed building a
decentralized social media platform that would compete with Twitter
on the Cardano blockchain, as well as other leading blockchains in
the space. Featured image from CoinFunda, chart from
TradingView.com
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