Cardano suffers a price collapse
ADA wallet milestone reached
Improvements and innovations take time
The Cardano course has been badly hit by the wheels in recent months. While the altcoin was still able to enjoy an all-time high of 3.1 US dollars via CoinMarketCap at the beginning of September, the price has now fallen significantly to only 1.08 US dollars (as of February 17, 2022). This gives the coin a market capitalization of around 34.5 billion US dollars and ranks seventh among the largest cryptocurrencies.
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Cardano was criticized because many smart contracts have been implemented but are not yet live. The reason for this can be found in the peer review system Cardanos. Each update is checked for correctness by various peers until all objections and concerns have been clarified. Of course, this process takes time.
Milestone in ADA wallets
But despite such issues, Cardano is hitting milestone after milestone. As “BLOCK-BUILDERS” reported, an average of almost 9,000 new wallets per day were created for ADA. Thanks to this strong interest, three million ADA wallets have now been created. For comparison: At the end of 2020 there were just under 200,000 wallets in total.
In the case of “BTC Echo”, however, it is pointed out in this context that it is unlikely that Cardano will therefore also have three million users. Finally, individual users can also own multiple wallets.
That’s what Cardano is all about
The blockchain project Cardano wants to use its ADA coin – a peer-to-peer innovation – to enable governments, companies and private individuals to make fast and secure transactions. Basically, Cardano’s technology aims at the development of decentralized applications and smart contracts with a modular principle.
Cardano only recently took another step to establish itself in the area of decentralized finance (DeFi) as an alternative to Ethereum, which is currently used primarily in the DeFi area: SundaeSwap, a decentralized crypto exchange implemented on the Cardano network ( DEX) went live. This may have helped Cardano reach the three million ADA wallet mark. However, there were apparently initial difficulties, much to the frustration of the users. “BTC Echo” reported on users who complained that they had made a transaction but had not received the exchanged tokens.
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