Cardano network has recorded significant growth over the past year and continues to see a surge in the number of wallets in the network. It reached a milestone of three million ADA wallet holders in 2022. Cardano added more than 450,000 wallets to the network in the first quarter of 2022. The number of ADA wallet holders just continues to grow.
In March, it added almost 100,000 wallets. According to Cardano Blockchain Insights, ADA had 3,159,444 wallets on March 17. Till April 17, it added another 93,630, boosting the figure to 3,253,074. The increase in the number of wallets coincides with the Cardano network’s fast growth. Moreover, the Cardano ERC-20 Converter is set to go live on April 18. This will boost the network further.
Cardano highlighted that an ERC-20 Converter is a tool developed by IO Global. It addresses the needs by offering extended opportunities in terms of deploying solutions on Cardano through Ethereum-based tokens.
The ERC-20 tokens from the Ethereum blockchain will now be easily transferable to the Cardano blockchain for use. The new converter will spur further development in the ADA community. It will also boost DeFi services on Cardano. The implementation of the Alonzo hard fork brought support for Plutus smart contracts. It was intended to support holders of Ethereum tokens to transfer the tokens away from the network. It was also for the benefit of enhanced security and lower costs.