Cardano is not known for its rapid growth, but there will be times when the market slows down. The number of wallets that are added daily has reached an all-time high of 7,600. It is possible to speculate as to how the network’s growth rate has accelerated compared with when it was in a bulltrend.
There will be more adoptions
Cardano’s adoption has led to increased interest in blockchain. Cardano is becoming a more prominent contender in decentralized finance (DeFi), and users are urging others to use the network. In the span of one month, the number of new addresses reached 7,600 per day.
Related Reading | The Young Turks Embarrass Themselves Trying To Discuss Crypto Regulation
The network’s NFT capabilities have been a major reason for this. Like many other networks, Cardano offers faster and cheaper transactions than Ethereum. Some prominent people have chosen the network to launch NFT projects. Snoop Dogg is one of them. He announced on Twitter that he will be starting an NFT collection via the blockchain.
ADA Price falls below $1| Source: ADAUSD on TradingView.com
It is not surprising that Cardano has been captivated by the presence of such an iconic figure, and many are eager to tap into the Cardano network. Blockchain Insights also draws this same conclusion, tying the increased interest in the network to the rapper’s NFT launch.
Today there are 7687 new ADAWallets added each day.
It’s hard to know what caused the massive increase in ADA wallet sales per day, but we can guess. @The_ClayMatesAnd @SnoopDogg partnership. https://t.co/MWDH2hCgeO pic.twitter.com/vWwZa7O4k6
— Cardano Blockchain Insights (@InsightsCardano) April 18, 2022
Cardano has more builders
The Cardano DeFi network is still young relative to the rest of its peers, but this hasn’t stopped it from growing. IOHK, the developer behind Cardano, in a recent report, revealed that there are almost 900 projects that are currently being built on the Cardano network, and what’s more, this number is growing by the day.
Related reading: Terra’s Stablecoin (UST) is now Crypto’s third largest| Conquering Terrain: Terra’s Stablecoin UST Is Now Crypto’s Third Biggest
Different parties are interested in the accelerated development of blockchain applications. The blockchain is expected to be a top-ranked platform for future projects.
Charles Hoskinson is the Cardano founder said that the network is “just getting started” in response to a tweet that shared the milestone of more than 100,000 wallets added in a month. In response to a tweet that shared the milestone of more than 100,000 wallets added in a month, the founder suggested building a social media platform decentralized on Cardano Blockchain.
Featured image taken from CoinFunda. Chart taken from TradingView.com