Cardano’s (ADA) ecosystem continues to develop, with the platform’s native token ADA not too long ago hovering to climb again above Solana (SOL) as the fifth most valuable cryptocurrency by market cap.
Throughout this period of progress, figures from Pooltool, a Cardano data aggregation tool, indicate that ADA’s staking wallets reached complete stake addresses of 942,117 on November 10, 2021, notable because the figures on September 10, 2021, the platform has added 121,093 wallets, a rise of 14.7% from 821,024 addresses.
Moreover, all the amount of ADA staked is valued at $53.6 billion, or 72.17% of the total currency supply.
Cardano also hit over 2 million wallets on November 2. The truth that the ADA worth has been flat for a lot of weeks has not impacted the foundations of the cryptocurrency’s success, because the previous milestone of 1 million ADA wallets was reached on May 22.
ADA adding new staking addresses
In total, since June 3, 2021, the platform has gained 333,726 wallets, up from 608,391 addresses, indicating an outstanding 54.8% increase in 5 months.
As Cardano’s network expands and real-world use rises in 2021, the new staking milestone contributes to the cryptocurrency’s explosive ascent out there.
Following a protracted interval of inactivity, Cardano has managed to make a solid breakthrough higher. Presently, ADA is trading across the $2.22 mark, down 3.09% on the day however up 7.48% within the final week, with a market cap of over $73 billion, as per CoinMarketCap statistics.
Notably, leading crypto trading analyst Michaël van de Poppe has noted that “Cardano is interesting on the $BTC pair.” The trading expert has recognized that support is forming around 0.00003194 satoshis on the ADA/BTC pair chart help whereas the RSI is resetting. Nonetheless, Poppe signifies an area of 0.00002332 and 0.00001997 as the next support area if the above degree is misplaced.
Cardano continues to update
The ecosystem has entered a new age after implementing its smart contract capabilities with Hard Fork Combinator (HFC) event Alonzo, and plenty of traders are banking on the ecosystem’s further expansion.
Cardano’s planned Hydra update is a layer-two resolution that’s supposed to extend the scalability of the network because it continues to develop at a quick tempo. For this to occur, ADA must conduct transactions off-chain whereas nonetheless counting on the main-chain ledger for settlement purposes.
In consequence, transaction prices could also be vastly lowered, and the processing time might be considerably lowered.
A number of hypothetical statistics, together with 1,000,000 transactions per second (TPS), have been floated in reference to this improvement. To supply some perspective, the cost processing firm Visa (NYSE: V) has a peak transaction processing pace of 24,000 TPS.
Source: Finbold
