There could be a one million Cardano (ADA) wallets created in 2021

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The number of new ADA wallets has skyrocketed in the past month, with an average of 64 wallets created every hour between Dec. 16 and Jan. 4. Using the data, projections have shown that there could be a million more ADA wallets created by the end of 2021, making Cardano one of the fastest-growing blockchain networks in terms of user acquisition.

The number of new ADA wallets continues to grow in 2021

While 2020 has been a major year for Cardano, this year is set to be record-breaking in every sense of the word. Both IOHK and the Cardano Foundation have dedicated 2021 to building the Cardano community, with Charles Hoskinson, the CEO of IOHK, saying that this will be the year when the power of the community is fully harnessed.

These plans are additionally reinforced by the latest data coming from the Cardano network, which shows that there has been significant growth in the number of new addresses and wallets created on the network.

According to data aggregated from AdaStat, an average of 121 new wallets were created every hour on Jan. 4. This represents a 98 percent increase from the 63 wallets created per hour on Jan. 1 and a 255 percent increase from the average of 34 wallets created per hour on Dec. 16.

Graph showing the number of new ADA wallets created every hour from Dec. 16 to Jan. 4. (Source: Twitter)

Strong on-chain metrics and stable growth could mean a million more wallets this year

According to data compiled from AdaStat and shared by Pieter Nierop, if the number of new ADA wallets continues to increase at this rate, there could be over 1 million new ADA wallets created in 2021 alone.

Graph showing the projected increase in new ADA wallets in 2021. (Source: Twitter)

With data showing that just under 55 percent of all existing ADA wallets are currently staking their funds, the addition of a million new wallets will bring about an unprecedented level of decentralization to Cardano.

Graph showing the percentage of existing ADA wallets that are currently staking. (Source: Twitter)

Another thing that further reinforces Cardano’s decentralization is the fact that the overwhelming majority of ADA holders are retail investors holding small amounts of its native cryptocurrency. Only 2.08 billion ADA are held by whales, while investors hold just under 6 percent of its circulating supply, or around 7.6 billion ADA. Data from IntoTheBlock has shown that retail investors hold over 72 percent of the current ADA supply—just over 25 billion tokens.

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