Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more.

Start Earning Interest
Ad: Bybit - Stake your tokens with ease and enjoy guaranteed daily yields. Stake now!

The total number of ADA wallets increased by almost 40% in 2021

The Cardano blockchain has seen significant growth since the launch of its staking era last July, a feat that has been most evident in the number of new users joining the network.

The total number of ADA wallets increased by almost 40% in 2021
Bybit

The Cardano blockchain has seen significant growth since the launch of its staking era last July, a feat that has been most evident in the number of new users joining the network. The latest data has shown that the total number of ADA wallets increased by almost 40 percent since the beginning of the year, with the total number growing at an average pace of 1.5 percent per day.

Cardano sees a huge increase in the number of new wallets on the network

While most of the market measures the success of a network by the performance of its underlying asset, sometimes the only true measure of growth can be seen through the acquisition of new users.

This is the case with Cardano. Despite the solid performance ADA has shown in this bull cycle, the real success of the network is seen in its decentralization. According to the latest data published by stake pool operator Pieter Nierop, there has been a steady increase of new ADA wallets created every day for the past 30 days.

His data has shown that the total number of ADA wallets has increased 37.8 percent in the past monthโ€”growing from 191,581 on Dec. 25, 2020, to 280,475 on Jan. 25, 2021.

Screengrab showing the daily percentage growth of new ADA wallets per day (Source: Pieter Nierop)
Screengrab showing the daily percentage growth of new ADA wallets per day (Source: Pieter Nierop)

Zooming out a bit reveals that there has been a steady, sustainable increase in the total number of wallets created since at least Dec. 10.

Graph showing the increase in the total number of ADA wallets from Dec.10, 2020, to Jan. 25, 2021 (Source: Pieter Nierop)
Graph showing the increase in the total number of ADA wallets from Dec.10, 2020, to Jan. 25, 2021 (Source: Pieter Nierop)

Steady growth in new users means more decentralization

The increase in the number of new wallets created on the network naturally brings with itself an increase in the actual number of users on the network. However, one of the few metrics related to Cardano that has actually been decreasing is the average amount of ADA held in delegated wallets.

This means that there is now a significant amount of users of the network that have smaller amounts of stake delegated.

Graph showing the decrease in the average number of ADA per delegated wallet (Source: Pieter Nierop)
Graph showing the decrease in the average number of ADA per delegated wallet (Source: Pieter Nierop)

With more people delegating their funds to stake pools, no matter how small they might be, the more decentralized the network becomes. At press time, 69.67 percent of the total circulating supply of ADA has been staked on the network. Over 55 percent of the wallets on the network have delegated all of their funds to stake pools, marking a significant milestone in the networkโ€™s road to complete decentralization.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis
Price snapshots
More context
Join now for $19/month Explore all benefits
Posted In: , Altcoins, Wallets
bybit

Like what you see? Subscribe for updates.