Cardano Seeing a Surge in Adoption as Number of ADA Wallets Hits New All-Time High

Despite a Shaky April in terms of market value for Cardano, the largest proof-of-stake (PoS) blockchain, there has been an increase in its adoption as the number of ADA wallets hits a new all-time high.

As shown in a new report shared by CryptoCompare, the number of addresses holding Cardano surged to a new all-time high in April 2022 due to the increase in the number of holdlers that have kept their ADA untouched for more than a year.

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The report reads in part:

“The number of addresses holding ADA grew 2.99% to an all-time high of 5.20 million in April. This includes an increase in the number of hodlers from 529,000 in March to 679,000 in April. Short term traders declined 44.6% to 377,000.” 

Cardano Github Commits Slightly Increased

Looking at Cardano’s developer statistics, the firm stated that the number of GitHub commits for the Cardano blockchain project has slightly increased from 5,623 in March to 5,723 in April while the total number of contributors remained stable at 111.

Although the number of addresses with an ADA balance continues to grow, CryptoCompare pointed out that user activity on Cardano is starting to lose steam.

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“Activity on the Cardano blockchain experienced a significant hit in April. Monthly transactions fell 62.2% to 1.17 million, while average active addresses also fell 57.7% to 52,000. Average daily new addresses saw a similar decline of 59.1% to 23,200.”

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