February Sees 3.6% Increase in Cardano (ADA) Wallets, Surpasses 3M

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ADA shows dramatic increases in Cardano (ADA) wallets in 2022.

According to Cardano Blockchain Insights, the total number of Cardano wallets increased 3.66% between Feb. 1, 2022, and Feb. 24, 2022.

The number of wallets storing Cardano’s native cryptocurrency, ADA, has increased 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 increased 13,000% year-on-year, as interest in the asset began to pick up.

Now, interest is picking up further, as recent data demonstrates 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, while 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 validate a set of conditions that ensures the transition of the blockchain network into an updated state following a transaction.

ADA price action

ADA’s deflationary 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 trading at $0.90, up 7% in the last 24 hours. ADA hit an all-time high of $3.09 on Sep. 2, 2021, according to data from Coingecko. ADA has also 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 cryptocurrency backed by research.

Give me your wallet

A wallet is a device, physical medium, program, or service which stores an individual’s private and public keys for buying and selling crypto. Increases in wallet creation often correlate with rising prices.

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 that 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 progressively throughout 2022. This could contribute to confidence in the ADA coin, driving up the price.

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Read More: February Sees 3.6% Increase in Cardano (ADA) Wallets, Surpasses 3M

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