Cardano wallet addresses have reached 3.6 million

The Cardano blockchain is gaining traction, with 3.6 million wallets holding its native coin, according to on-chain data aggregator Messari.

According to Messari, the majority of these network wallets have approximately 100 ADA, with over 3,000 wallets owning at least 1 million tokens. This indicates that the network has more whales than most of its competitors, owing to its low pricing.

Typically, a growth in the number of wallets holding a token indicates that the ecosystem is expanding, and this is no different for ADA, whose parent firm, IOHK, stated in a Twitter thread that there are about 900 decentralized apps now being created on the blockchain.

According to the thread, the blockchain’s first non-fungible tokens (NFT) loan platform, Lending Pond, has seen a meteoric rise in the sector. According to available data, the initiative registered almost 90,000 units of ADA in its first week of operation.

Aside from that, the Cardano Summit NFTs, which introduce Terra Virtua to Cardano, were also formally released. Over 3000 Summit NFTs have already been issued.

Furthermore, Emurgo, Cardano’s commercial arm, has teamed with Blockpass to provide on-chain KYC services for the Cardano ecosystem.

The thread also included numerous additional updates regarding new Cardano projects, demonstrating that the ecosystem has grown significantly and that more is on the way for users.

Nonetheless, despite the bustle of activity within the ecosystem, the digital asset has yet to see a favorable price shift.

According to CryptoSlate statistics, the asset achieved an all-time high of $3.10 after adding smart contract capabilities into the blockchain.

However, it has only been able to reach a high of $1.26 in the previous three months since then. According to IntoTheBlock data, less than 10% of coin holders make a profit from their holdings, with the great majority losing money.

As of press time, ADA was trading at $0.83, down more than 2% in the previous 24 hours.

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