New Wallets Are Shooting Up on Cardano, What’s Behind This?


The Cardano network is no stranger to accelerated growth, but every now and then there is a spike that causes the market to stand still for a while. This was the case with the number of new portfolios added daily, which had peaked at 7,600 new portfolios added in a single day. While this is ongoing, there is plenty of speculation as to why the network is now seeing this rate of accelerated growth compared to when the market was still in an uptrend.

More adoption is coming

The adoption of the Cardano network has been one of the reasons for this increased interest in the blockchain. More users are getting to know Cardano as a major competitor in the decentralized financial space (DeFi), prompting them to adopt the network. As a result, not only were 7,600 new addresses added every day in one day, more than 200,000 new addresses had been added to the network in a month.

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A solid reason behind this is the network’s adoption for its NFT capabilities. Now, as with many other things, the Cardano network offers cheaper and faster transactions compared to its closest competitor, Ethereum. This has led some prominent figures to choose the network as a platform to launch their NFT projects. One of these is legendary rapper Snoop Dogg who announced that he would launch an NFT collection on the blockchain.

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Undoubtedly, the entry of such a prominent figure into the Cardano space has sparked the interest of the superstar’s followers, who would like to take advantage of the network the rapper uses. Blockchain Insights also draws the same conclusion, linking the increased interest in the network to the rapper’s NFT launch.

Building more people on Cardano

The Cardano DeFi space is still very young compared to its competitors, but that doesn’t mean the network is stagnating in its growth. IOHK, the developer behind Cardano, revealed in a recent report that nearly 900 projects are currently being built on the Cardano network, with the number growing by the day.

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This accelerated pace at which developers are building the blockchain shows interest from various parties. These projects that will be launched on the blockchain will undoubtedly make it one of the biggest contenders in the future.

Cardano founder Charles Hoskinson has said that the network was “just getting started” in response to a tweet sharing the milestone of more than 100,000 wallets added in a month. The founder also recently suggested building a decentralized social media platform that would compete with Twitter on the Cardano blockchain, as well as other leading blockchains in the space.

Featured image from CoinFunda, chart from TradingView.com



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