Cardano Gains Over 200,000 Wallets in Just Three Months; 71% of ADA Supply Now Staked

Cardano (ADA), the third-largest cryptocurrency by market capitalization, has continued to gain popularity across the world due to the steady growth of the ecosystem.

As the Cardano ecosystem evolves, the number of staking wallets on the network is also gaining a massive increase. According to a Cardano data aggregation tool, Pooltool, ADA’s staking wallets are at 822,893 as of 11th September 2021.

The platform has gained 214,502 wallets since the figures recorded on 3rd June 2021. The numbers grew from 608,391, indicating a relatively 35% increase over the last three months.

The Cardano data aggregation tool also shows that the total ADA staked is currently valued at $56.43 billion, representing 71.43% of the total ADA supply.

Courtesy of PoolTool

Smart Contracts Are Coming To Cardano

As aforementioned, the growth in the Cardano ecosystem has been steady and glaring since the beginning of the year. And this can simply be attributed to the upcoming launch of Alonzo, which is expected to activate smart contracts functionality on Cardano.

As the launch is expected to play out on 12th September, it’s also expected to cause a major boost in the functionality of the Cardano blockchain. As the network grows in terms of real-world usage, the latest staking milestone also serves as an indication that the network is rapidly growing.

The surge in the price of the digital token ADA in August boosted the interest in search keyword for “Buy Cardano”, as it hit a 3-month high on 22nd August. Similarly, the Tokyo-based exchange, Bitpoint, became the first Japanese exchange to enable the trading of ADA, after Cardano got cleared of regulatory barriers in the country.

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Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.