Cardano Reaches 3 Million ADA Wallets Milestone

Cardano, the largest proof-of-stake (PoS) blockchain, has recently reached the 3 million ADA wallets milestone, serving as proof that the leading blockchain isn’t a ghost chain as critics insinuated.

The new development was shared a couple of hours ago via the official Twitter handle of the Cardano Community.

Back in May 2021, Cardano blockchain surpassed the one million wallets. The fact that the leading PoS blockchain could manage to add two million wallets in less than a year shows that the ecosystem has been growing steadily.

According to Kraken exchange in a recent report, over 11,000 wallets are created on the blockchain on a daily basis.

Within a year, the network experienced relatively 1,348% growth. And there are over one million delegated wallets on the Cardano blockchain, representing an 870% yearly increase.

Cardano to Increase Its Network Block Size By 11%

IOG, the development firm behind Cardano blockchain, has also announced that it’s on the cusp of increasing the network’s block size by 11%, in the quest to boost its scalability.

The optimization is targeted at increasing the block size from the current size of 72KB to 80KB. The increase will make Cardano blockchain gain more capacity to facilitate the increasing transactions as the network prepares for more projects to launch in the coming days and months.

IOG noted:

“This adjustment forms part of a planned series of network optimizations. Cardano will continue to be steadily optimized in a series of measured steps this year, carefully & methodically scaling Cardano for future growth as demand increases.”

In January, the blockchain load started surging significantly. The notable surge was attributed to the launch of the decentralized exchange (DEX) SundaeSwap. This shows that the network needs a boost in scalability to manage the load increase.

According to the data provided by Cardano Blockchain Insights, as of 1st February, nearly all blocks were full, with the average load remaining above 85%.

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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.