DApps and Solutions Push Cardano Addresses Holding ADA to New All-Time High of 5.1 Million

It’s now clear that the Cardano network has embarked on significant growth considering the number of decentralized applications (DApps) and various solutions building on top of the blockchain. This is also behind the massive increase in the number of holders, which has recently hit a new all-time high.

About a year ago, the number of addresses on the Cardano network was hovering around 2.6 million. But things have drastically changed in the ecosystem since the mainnet launch of Alonzo on 12th September 2021, which activated smart contracts functionality on the Cardano blockchain.

Read Also: Number of Cardano-Based Smart Contracts Surpasses 2,000 for First Time Ever

Number of Cardano Addresses with a Balance Reaches New All-Time High

According to the data shared by the crypto intelligence platform IntoTheBlock, Cardano (ADA) holders are on the increase on a daily basis.

Based on the report, the number of Cardano addresses with a balance has just attained a new all-time high of 5.09 million, which implies that the number has experienced 48.8% year-to-date.

IntoTheBlock tweeted, “ADA holders are on the rise. The number of Cardano holders – addresses with a balance, has recently reached a new ath. There are now 5.09m addresses holding ADA, increasing by a whopping 48.8% YTD.”

As aforementioned, the notable growth of the Cardano network over the past 12 months can be attributed to Dapps and solutions built on top of the blockchain, via the implementation of Alonzo hardfork in September 2021.

Read Also: ADA Whale Mentions Projects That Will Send Cardano Total Value Locked (TVL) Flying Once They Launch

Some solutions have launched while a lot more are preparing to go live on the blockchain in the coming months.

So, considering development and fundamental growth, which would initiate high demand for decentralized finance (DeFi) on the network, it can be deduced that Cardano is just starting to advance into an era of records.

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