Cardano adds over 20,000 new staking addresses on average monthly for over a year

Cardano’s (ADA) ecosystem continues to expand despite the uncertainty in the cryptocurrency market, which has been heavily impacted this year by the implosion of the Terraform Labs ecosystem and now by the crypto exchange collapse involving FTX.

In this line, Cardano wallet growth accelerated, adding 30,000 wallets in a week amid the FTX collapse. Besides that, the number of Cardano-based smart contracts also surpassed 4,000 for the first time, growing over 300% for the first time this year.

According to data acquired by Finbold, Cardano has added 22,327 new staking addresses on average monthly for 13 months. Indeed, figures from Pooltool, a Cardano data aggregation tool, indicate that ADA’s staking wallets reached total stake addresses of 1,232,459 on December 9, compared with the 942,117 addresses on November 10, 2021, representing an increase of 290,342 across the 13 months. 

Total staked Cardano. Source: Pooltool.io

Total staked Cardano

As of December 9, the total staked ADA stands at 25.12 billion (73.59%) of the total supply, while back in November 2021, the entire amount of ADA staked was 53.6 billion.

Founded by one of Ethereum’s creators, Charles Hoskinson, Cardano is a smart contract platform that is in some regards similar to Ethereum. However, unlike Ethereum, Cardano has implemented a Proof-of-Stake (PoS) consensus mechanism since its inception. 

Notably, Hoskinson revealed on December 7 that ‘confidential smart contracts’ are coming to Cardano’s new privacy-focused blockchain, Midnight.

Cardano network development

Elsewhere, the Cardano network continues to beat all other crypto platforms in monthly development activity. In November, Cardano recorded the highest development activity according to the analysis carried out by the on-chain market intelligence platform Santiment

The development activity rates of the Cardano team in its public GitHub repositories in November were 18% higher than the next highest-ranked asset, Polkadot (DOT), recording 572.67 generated events compared to Polkadot’s 486.13 events over the 30 days, and its GitHub development activity rate has continued to be the leader so far in December.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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