The Cardano (ADA) network has hit a new milestone, as one million wallets have now been created on it. The milestone was reached at a time in which thousands of new wallets are being created every day as presumably more users join the network.
The update was shared by the Cardano Community Twitter account, which added that over 70% of all the ADA tokens in circulation, worth nearly $34 billion, are staked across the world in nearly 2,500 active pools.
Moreover, the account added that $500 million worth of ADA are being delegated to charity-focused initiatives on the Cardano network, which means that the rewards generated by these tokens for securing the network are being donated to over 100 charitable organizations throughout the world.
As Daily Hodl reports, Cardano enthusiast Pieter Nierop revealed on social media that thousands of new ADA wallets are being created on a daily basis, even on days in which the price of the cryptocurrency drops.
The network’s growth is coming as it expects massive upgrades over the next few months. The team behind it at Input Output Hong Kong (IOHK) has announced smart contract functionality will arrive over the next few months, allowing for the deployment of decentralized applications on its network.
Moreover, the firm has announced it will be launching a converter allowing investors to swap ERC-20 tokens from the Ethereum blockchain to equivalent Cardano-based tokens, so they can interact with protocols on the Cardano network.
The price of Cardano’s ADA exploded over the last few months. CryptoCompare data shows that in the last 12 months, the cryptocurrency is up a whopping 2,900%, even after the recent cryptocurrency market crash affected its price performance.
As CryptoGlobe reported, Cardano creator Charles Hoskinson has revealed in an ask me anything (AMA) session that he is now a cryptocurrency billionaire, even after the cryptocurrency market crash. He commented on the drop, saying investors should not expect 900% price rises without pullbacks.
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