The number of addresses on the Cardano network staking $ADA has grown to surpass the one million mark even amid a cryptocurrency market downturn that saw the space lose over $400 billion in market capitalization.

According to Cardano-tracking website, there are now just over one million wallets staking the cryptocurrency. As CryptoGlobe reported, the number of staking addresses on the network has been rapidly growing over the last few weeks, to the point over 100,000 new addresses started staking in just two months.

Charles Hoskinson, creator of Cardano and the CEO of Input Output Hong Kong (IHOK) commented on the milestone with a simple “we did it” on social media. In response, various users wondered how they too could stake their ADA holdings.

According to another Cardano data source, PoolTool, there are nearly $31 billion worth of ADA staked, meaning over 71% of its supply earning their holders some income for helping secure the network. The funds are staked across a total of 2,966 pools.

Earlier this year the price of ADA exploded ahead of the rollout of the widely anticipated Alonzo hard fork, which brings smart contracts into the network and allows it to compete with the Binance Smart Chain (BSC), Ethereum (ETH), and Solana ($SOL).

The Alonzo hard fork is part of the network’s “Goguen” era, named after Joseph Goguen, an American professor of computer science from the University of California and the University of Oxford. The Goguen era comes after the Shelley phase, in which Cardano became a decentralized blockchain and community members became validators.

The price of ADA has meanwhile dropped to around $1.3 at press time after hitting a new all-time high above $3. In the beginning of the year, ADA was changing hands for around $0.12.

ADAUSDT Chart via TradingView

In May, the Cardano network hit a new milestone as one million wallets had been created on it. The milestone was reached at a time in which thousands of new wallets were being created every day as presumably more users join the network in anticipation of the smart contract rollout.

Earlier this month, the Cardano network hit another milestone after processing over 20 million transactions. These milestones are being hit even as the community anticipates the launch of Cardano-powered decentralized exchanges.


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