Cardano (ADA) Has Reached One Million Staking Wallets Milestone
Cardano (ADA) crossed the 1 million staking wallets milestone. The project that recently introduced smart contracts has been one of the most promising in the space and has garnered a cult-like following since it got started in 2017.
ADA held the number one spot for the network with the highest amount of coins staked until recently when Solana took over that title. Regardless, it has held its own in the market.
New Staking Record
At the time of writing, the number of staking delegations is 1,004,808.
Source: Pool.pm
Staking on the network grew following the release of smart contracts capabilities on the blockchain. Developers have finally been able to release DApps on the network and the projects which launched on the blockchain enjoyed tremendous success due to the anticipation. What followed was a rapid increase in the number of users that were staking their ADA on the network.
The image above shows that over 1 million wallets staking on the network across 3,095 staking pools. A total of 33,100,115,909 ADA were staked on the network at the time of the post, representing 72% of the total ADA circulating supply staked. It remains one of the largest proof-of-stake blockchains.
USD/ADA Daily Chart | Source: CoinMarketCap
DEX Coming Soon To Cardano
The launch of DEXs on the Cardano blockchain has been one of the major reasons behind the increased activity on the network. As users move towards other blockchains from the high fees of the Ethereum network, Cardano has begun absorbing this user base.
SundaeSwap is set to be the first DEX to launch on the Cardano network. According to a post on IOHK’s official Twitter, the DEX was set to launch on the Cardano testnet. The developer anticipates high usage and transaction, hence the reason for the partnership is to ensure it runs smoothly.
This launch signals the official launch of DeFi on Cardano. The DEX will first go through the testnet to see how it performs under high throughput. The community was too to expect bugs in the DEX, but to also keep in mind that it is still in the early stages. As DeFi makes its home on Cardano, there will definitely be some kinks to straighten out before it is working perfectly.
As we also recently wrote about, we're going to gradually adjust and optimize network settings – steadily, surely, safely, securely – for the rising demand that #DeFi will bring over the weeks and months ahead. https://t.co/Aq9mU27kB6
