- The network was 90 percent congested, causing a severe network slowdown.
- Cardano has been up 2.61% in the last 24 hours.
A recent tweet from the Cardano Community Twitter account said that the Cardano network had passed the three million wallet mark. There were, moreover, one million accounts on the most popular proof-of-stake blockchain as of May last year.
Over the last year, the network has evolved by 1,348 percent. The number of delegated wallets on the blockchain has grown by 870 percent per year, over one million. Only 203,519 wallets were in existence as of January 2021, with 112,469 of them being delegated.
🎉3 MILLION #ada WALLETS!🚀#Cardano #CardanoCommunity pic.twitter.com/5iEjq89X8b
— Cardano Community (@Cardano) February 3, 2022
Few decentralized apps have been developed since Cardano debuted smart contacts in September. In part, the sluggish development results from having to learn the extended Unspent Transaction Output model (eUTXO).
Recent Developments Played Key Role
Several Dapps built on the Cardano platform, such as DEX SundaeSwap, went online on the mainnet last month. In early January, Cardano overtook Ethereum in terms of daily transaction volume. Thus, the network was 90 percent congested, which caused a severe network slowdown.
Read More: Cardano Price Prediction
At the “Basho” development phase of the blockchain, Input Output programmers are developing scalability solutions. According to the Kraken research, there is a significant adjustment between the price movement of ADA and the expansion of the network.
Consequently, the much-anticipated release of apps might be additional wind in the sails of a token already on a roll. According to CoinMarketCap, the Cardano price today is $1.07 USD with a 24-hour trading volume of $936,519,852 USD. Cardano has been up 2.61% in the last 24 hours.
