Cardano Registers Additional 450k wallets in Q1 2022
  • Cardano blockchain added 450k wallets in Q1 of 2022 alone.
  • An average of 5,000 wallets were added to its network daily.
  • The network’s rapid expansion has greatly affected the rise of the number of wallets in Q1.

The Cardano blockchain had an outstanding growth since last year, due to the increase in the number of wallets holding ADA –- the network’s native token.

According to the data from Cardano Blockchain Insights, in the first quarter of 2022, the largest Proof-of-Stake (PoS) asset added 453,121 wallets in the middle of January 1 and March 31. There’s a total of 2,666,372 wallets during January 1 and at the end of March, the wallets increased up to 3,193,445.

Specifying that in three months time, Cardano added more than 5,000 wallets daily to its network. Gaining an increase of 19.76% in total number of wallets during the first quarter.

Number of ADA wallets (Source: Cardano Blockchain Insights)

Therefore, since the beginning of 2022, ADA has increased the over 500,000 total wallets as Cardano reached the 3 million wallet achievement at the start of February. The network’s rapid expansion has greatly affected the rise of the number of wallets in Q1.

In a blog post, Input-Output, Cardano’s parent company, has shown its plans for its on-chain and off-chain solutions that will aid Cardano calibrate in 2022. The result of this plan has raised ADA’s value. In particular, it has caused additional interest from investors such as institutional investors as the number of on-chain transactions over $100,000 went up 50x in 2022.

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