The number of addresses on the Cardano network staking $ ADA has risen to one million even amid a downturn in the cryptocurrency market that caused the place to lose more than $ 400 billion in market cap.
According to the Cardano tracking website pool.pm, there are now just over a million wallets staking out the cryptocurrency. As CryptoGlobe reported, the number of staking addresses on the network has grown rapidly in the past few weeks, with over 100,000 new addresses starting staking in just two months.
Charles Hoskinson, Founder of Cardano and CEO of Input Output Hong Kong (IHOK), commented on the milestone with a simple “We did it” on social media. In response, various users wondered how they too could leverage their ADA inventory.
According to another Cardano data source, PoolTool, ADAs are valued at nearly $ 31 billion, with funds being used in a total of 2,966 pools.
Earlier this year, ADA’s price skyrocketed ahead of the launch of the highly anticipated Alonzo Hard Fork, which brings smart contracts into the network and allows it to use the Binance Smart Chain (BSC), Ethereum (ETH) and Solana ($.) to compete SOL).
The Alonzo Hard Fork is part of the “Goguen” era of the network, named after Joseph Goguen, an American professor of computer science at the University of California and the University of Oxford. The Goguen era comes after the Shelley phase, when Cardano became a decentralized blockchain and community members became validators.
ADA’s price has now fallen to around $ 1.3 at press time, after hitting a new all-time high of over $ 3. At the beginning of the year, ADA changed hands for around $ 0.12.
ADAUSDT chart via TradingView
In May, the Cardano network reached a new milestone as a million wallets were created on it. The milestone came at a time when thousands of new wallets were being created every day as more users are likely to join the network in anticipation of the introduction of smart contracts.
Earlier this month, the Cardano network reached another milestone after processing over 20 million transactions. These milestones are being met despite the community anticipating the introduction of Cardano-powered decentralized exchanges.
DISCLAIMER
The views and opinions of the author or any other person mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading in crypto assets carries the risk of financial loss.
IMAGE CREDIT
Selected image via Unsplash
