The smart contract platform Cardano (ADA) has reached a new milestone in the number of wallets ready to deploy the sixth largest crypto by market capitalization.
According to the Cardano tracking site pool.pm, there are now over a million ADA holders ready to use their coins to earn rewards.
Users who own ADA on the Cardano network have a share in the protocol that corresponds to the amount of coins they hold. In return, they can delegate their tokens or use the digital assets themselves to earn rewards.
Cardano has also seen an increase in the number of active addresses in recent months. According to data from the analytics platform Messari, the number of active addresses on the network rose to 485,693 on November 22, before falling to 150,476 on December 5. The number of active addresses on the network reached its all-time high when ADA fell below the $ 2.00 mark.
The record number of wallets employing ADA follows a prediction by Charles Hoskinson, CEO of Cardano and Input Output Honk Kong (IOHK), that decentralized exchanges (DEXes) could become the sixth largest cryptocurrency by market capitalization by the end of the year.
Cardano is trading hands at $ 1.32 at the time of writing, a 23% decline from its seven-day high of $ 1.72.
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Featured image: Shutterstock / GrandeDuc
