Cardano has recorded a milestone of three million active ADA, the platform’s native token, wallets despite network congestion. This is up from just over 200,000 at the beginning of 2021. Similar growth has been observed in Cardano’s adoption across various metrics and this is an indicator of its achievement.
Kraken, a crypto exchange, recently highlighted that Cardano’s growth was backed by major protocol updates and broader adoption across the industry. It has experienced significant growth both off-chain and on-chain. The report highlighted an annual growth of 1348% on the network. Market activity leading to the Mary hard fork and Alzonzo hard fork followed a common buy the hype, sell the news pattern.
Moreover, there was a sell-off following the PAB launch due to concerns about the delayed rollout of dApps amid a broader market sell-off. Kraken highlighted a strong correlation between the price movement and daily transactions up until November 2021. After this, ADA’s price slumped even though daily transactions continued upward.
At the time of writing this article, Cardano was up by 8.59% in the past 24-hours and trading at $1.15, as per CoinMarketCap.
In the past couple of weeks, the network has been riddled with congestion. As such Cardano’s development company Input Output suggested increasing the network’s block size by 11%. It proposed the next parameter update in line with its plan. The size increase of 8KB will be taken from 72KB to 80KB. There was also a separate proposal to boost the performance of Plutus – Cardano blockchain’s smart contract platform.
These changes will enhance the performance of applications built on Cardano. It will also increase the network’s overall capacity.