By Tobi Loba
According to the latest data, the total number of Cardano (ADA) wallets has increased by relatively 40% since the start of 2021, with a growth pace of 1.5% per day.
Although the success of a network is measured by the performance of its underlying assets, at times the only true measure of growth can be seen through the inflow of new users.
This is the case of the Cardano network since the beginning of the year. Despite the notable performance that the digital token ADA has printed since the beginning of this bull cycle, the major success of the network is seen in its decentralization.
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Going by the latest data published by the stake pool operator, Pieter Nierop, there has been a steady increase in new ADA wallets for the past 30 days.
The data provided by Nierop shows that the total number of ADA wallets has increased by 37.8% in the past month. A growth from 191,581 on 25th December 2020 to 280,475 on 25th January 2021. A closer look reveals that the increase in the rate of creating ADA wallets has been steady since 10th December 2020.
Daily growth of the Cardano blockchain by % increase of wallets#Cardano #ADA pic.twitter.com/5KBKGHd4HA
— Pieter Nierop (@nierop_pieter) January 26, 2021
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This Growth Means More Decentralization
The increase in the number of new wallets created on the network naturally brings with itself an increase in the real 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 implies that there is now a substantial amount of users of the Cardano network that have smaller amounts of stake delegated.
Good morning, here are your stats. #Cardano #ADA pic.twitter.com/8OcgQCpZdT
— Pieter Nierop (@nierop_pieter) January 28, 2021
The more people delegate 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.
More than 55% of the wallets on the network have delegated all of their funds to stake pools, which represents a notable achievement in the Cardano network’s road to full decentralization.
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