Cardano is now at the 1 million milestone for staking wallets. This project is one of the best in the sector and it has had a strong following ever since its debut in 2017. Up until recent changes by Solana, the altcoin occupied the first spot in the list of the networks with the largest amount of coins staked. It has remained competitive in the market.
Jesse Blount, crypto investor, took to Twitter on Sunday, December 5, to thank Charles Hoskinson for Cardano’s latest milestone. Blount also included a photo that demonstrated that Cardano’s network now has over one million delegators.
— Jesse Blount (@BlountJesse) December 5, 2021
Cardano Ambassador Addresses FUD Surrounding The Project| Cardano Ambassador Addresses FUD Surrounding The Project
Following the introduction of smart contract capabilities, stakes in the network have increased. DApps were finally available for developers to launch on the network. The anticipation was a major factor in the success of the first projects to go live on the blockchain. There was a dramatic increase in the number users who were staking their ADA onto the network.
Cardano boasts more than 1 million staking wallets | Source: Twitter
Blount posted an image showing that the network had a little more than 1,000,000 wallets across 3108 staking pool. The network had a total of 33.085,775,493 ADA staked at the time. That’s 72% off the total ADA circulating stock. It is one of the biggest proof-of stake blockchains.
ADA falls to $1.28| Source: ADAUSD on TradingView.com
Cardano’s First Dex
One reason for increased activity in the network has been the introduction of DEXs on Cardano’s blockchain. Cardano is now a more popular choice for users who are looking to move away from Ethereum’s high fees.
SundaeSwap, the Cardano’s first DEX, is due to debut on the Cardano Network. According to a post on IOHK’s official Twitter, the DEX was set to launch on the Cardano testnet. Developers anticipate high transaction and usage, so the purpose of the partnership was to make sure it runs smoothly.
Cardano Records Over 20 Million Transactions Ahead of DEX Launches| Cardano Records Over 20 Million Transactions Ahead of DEX Launches
The official launch of DeFi is on Cardano with this launch. To test the DEX’s performance under high throughput, it will be first run through the testnet. Although it was expected that there would be bugs with the DEX’s initial implementation, the community should remember that this is only the beginning. DeFi will need to be re-established on Cardano. There are likely some issues that have yet to be resolved before the system is perfect.
#CardanoIt is parametrizable and designed for flexibility. Built on a strong, resilient core platform, it can be customized to your specifications. We’ve plenty of headroom for L1 growth. However, we’ll take things slow and slowly. It will be done right. We will continue to focus on this aspect of our approach.
— Input Output (@InputOutputHK) December 5, 2021
Featured image by CadaNews. Chart from TradingView.com