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During the ongoing month, Cardano blockchain was able to reach a new milestone. As mentioned on the official Twitter account of Cardano, the total number of ADA wallets crossed 2 million. This new development showed the positive impact of the Alonzo update on the network. However, the Cardano community now has something new to talk about.

As noted by Pooltool, the total number of ADA wallets staked in the blockchain has already crossed 100,000 addresses. Pooltool is a dedicated data collector and aggregator for the Cardano blockchain. The official count for the total staked ADA wallets for November 2021 is 942,117. For reference, it is worth noting that in September, the number of staked addresses was limited to 821,024 wallets indicating a 14.7% increase within a month.

Solana Network is Giving Tough Competition to Cardano

The Solana network has been receiving a considerable amount of attention from investors. At present, the native token of Cardano, ADA, is trying to take back its previous rank from Solana on the cryptocurrency leaderboard. Before reaching 2 million ADA wallet users in November, Cardano had seeped into a stagnant state.

However, currently, the price of ADA is valued at $1.95 per unit. This price has gone down by 3.09% in the last 24 hours, but on the 7-day index, it has been appreciated by 7.48%. The data statistics from CoinMarketCap show that since June, the total number of new ADA wallet addresses added to the Cardano blockchain has increased by 54.8%.

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In September, the development team of Cardano was able to successfully enable smart contracts ability on the Cardano network. This upgrade, also known as the Alonzo event, has contributed a lot to increasing the value of the ADA token. Expert crypto analyst Michael Van Di Poppe recently pointed out that there is a strong support level for the ADA/BTC pair at the 0.00002332 satoshi area.

The Cardano blockchain developers have already announced another major update for the network called Hydra. This is a layer 2 development solution for blockchain, and it is going to make important changes in the scalability features. This update will also allow ADA wallets to conduct transactions offline. According to technical experts, after Hydra, Cardano will be able to process transactions faster than VISA. VISA currently processes transactions at 24K TPS while Cardano is planning to reach 100K TPS that will also reduce the transaction prices beyond comparison.

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Larry Wright

By Larry Wright

Larry Wright is a Pulitzer Prize-winning journalist and author. He is known for his insightful reporting and his ability to delve into complex issues with clarity and precision. His writing has been widely acclaimed for its depth and intelligence.