The number of addresses holding Cardano (ADA), the 6th largest cryptocurrency by market capitalization, experienced massive growth to hit an all-time high of 4 million in December 2021.
The data was revealed by CryptoCompare in the latest Asset Report. According to the report, the 4 million includes a drop in the number of traders holding the digital currency. The number dropped from 981,000 to 692,000, which was a 29.4% decline. However, long-term holders grew by 5.78%.
The report states further that monthly transactions on the Cardano blockchain plunged 35.1% to 3 million in December, after hitting a new all-time high in the same month.
Also, the number of addresses on the Cardano network was down 36.1% from the previous month, with an average of 138,000 daily active addresses.
The slowdown in Network Activity Was Not Limited to Cardano (ADA)
According to the Asset Report published by CryptoCompare, the slowdown in network activity was not limited to Cardano (ADA), as rival blockchains, such as Ethereum and Solana experienced similar drops.
Going by the report, the percentage of staked Cardano’s supply has also been declining over the last three months. The report says it’s now sitting at 70%.
The CryptoCompare emphasized the continued decrease in the average transaction fees on the Cardano network, which is a positive signal for the community. The transaction fees on the Cardano blockchain, which were averaging $0.38 in November, dropped to $0.33 on average in December. Whereas, the average fee was $0.69 in September 2021.
The Number of Smart Contracts on Cardano Blockchain about to Hit 1000 Mark
According to the data provided by Cardano Blockchain Insights, the number of smart contracts on Plutus, Cardano’s smart contracts platform, reached a milestone of 999 on 26th January 2022, putting it only 1 smart contract away from hitting the 1000 mark.
As shared on the platform, Plutus Scripts’ graph represents real Plutus-based smart contracts on the Cardano blockchain, which was introduced as part of the Alonzo mainnet launch.