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Cardano Hits New User Milestone as Decentralized Governance Takes Off
Cardano Hits New User Milestone as Decentralized Governance Takes Off
February 21, 2025
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The Cardano network has hit a new user milestone.
The positives keep coming hard and fast for Cardano. Amid strides like the network’s successful implementation of fully decentralized governance and recent hopes of an exchange-traded fund backed by the network’s native token ADA, the network has hit a new milestone.
Cardano Wallets Surpass 5.2 Million
The Cardano network has hit a new user milestone.
As of Wednesday, February 19, the number of wallets created on the Cardano network surpassed 5.2 million, according to Cardano Blockchain Insights, which combines data from two Cardano blockchain explorers: cexplorer.io and AdaStat. At the end of Thursday, February 20, the tally stood at 5,201,576.
TapTools first disclosed the milestone on Thursday.
ADA wallet count Source Cardano Blockchain Insights
Interestingly, over 50,000 of these wallets were created in the past 30 days alone, suggesting significant interest in the network in recent times.
But beyond new wallets, Cardano has recently seen significant growth in other key areas. According to a recent Messari report, the average daily active addresses on the network surged 57.8% in Q4 2024 to 42,900.
In line with this rise in active addresses, average daily transactions have also spiked, jumping 65.4% to 71,500.
A Cycle for Cardano to Shine?
Last week, Cardano founder Charles Hoskinson asserted that ADA, Ethereum, and XRP will be the big winners in this market cycle.
He said this citing the perceived dominance of institutional investors in the market, arguing that he expected to see a flight to the blue chips, which are seen as more reliable and stable.
ADA currently changes hands at the $0.80 price level at the reporting time, marking a 1.2% increase over the past 24 hours.
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