According to a recent tweet from the Cardano Community Twitter account, the Cardano network has passed yet another critical milestone, surpassing three million wallets.
Last May, the most popular proof-of-stake blockchain topped one million wallets. According to a recent analysis from Kraken, more than 11,000 wallets are generated every day. Over the last year, the network has increased by 1,348 percent. On the blockchain, there are over one million delegated wallets, a rise of 870 percent year over year.
There were only 203,519 total wallets in January 2021, with 112,469 delegated wallets. Despite the fact that Cardano introduced smart contacts in September, there are currently a limited number of decentralised applications. One of the main reasons for the delayed pace is the necessity for developers to acclimatise to the extended Unspent Transaction Output model (eUTXO). DEX SundaeSwap, a Cardano-based dApp, became live on the mainnet last month, with a bevy of other dApps in the works. Cardano eclipsed Ethereum in terms of daily transaction volume in early January, according to U.Today.
As a result, network congestion approached 90%, causing the network to drastically slow down. During the “Basho” period of blockchain development, Input Output developers are now working on implementing various scaling methods.
