Total Number Of ADA Wallets Rose By 40% In 2021: Report

The total number of ADA wallets rose by 40% this year alone with the Cardano blockchain seeing more growth since the launch of the staking era in July as we reported in our Cardano news.

The latest data shows that the total number of ADA wallets increased by 40% since the starting of the year with the number growing at an average pace of 1.5% per day. While most of the market measures the success of the network by the performance of the underlying asset, sometimes the true measure of the growth can be seen in the gathering of new users. This is the exact case with Cardano as, despite the solid performance of the coin in the bull cycle, the real success was seen in its decentralization. According to the latest data published by Pieter Nierop, there was a steady increase of new ADA wallets created in the past month.

The data shows that the total number of ADA wallets increased by 37.8% in the month from 191,581 to 280,475 on January 25. Zooming out we can see that there was a steady increase in the number of wallets created since December 10. The rise in the number of wallets created on the network brings an increase in the actual number of users on the network but one of the few metrics related to Cardano that it was decreasing is the amount of ADA that is held in delegated wallets. This means that there’s a growing amount of users of the network who have smaller amounts of stake delegated.

With more people delegating funds to stake pools, the networks become more decentralized. At press, 69.67 percent of the circulating supply of ADA was staked on the network and 55% of the wallets on the network delegated all of their funds to stake pools which marked a major milestone in the network’s road to decentralization.

As reported recently, About 55% of all ADA wallets on the market have their funds delegated to a stake pool and this increase in new wallets per day accompanied by the rise of the total number of ADA staked made the platform by far the most decentralized blockchain network on the market.