Cardano (ADA) keeps getting stronger as staking addresses grow by more than 100,000 in two months.
follow Pooltool.io, Cardano’s number of staking addresses reached 942,000 on November 10th, an increase of 121,000 (nearly 15%) from 821,000 addresses on September 10th.
These numbers show the growing recognition of Cardano. However, as IOHK Director of Marketing and Communications Tim Harrison noted, there are still many challenges ahead and the way to overcome them is to make progress over time.
Cardano staking metrics show a growing ecosystem
Along with a significant increase in the number of staking addresses, Cardano has also seen an increase in the total dollar value of ADA participating staking addresses.
According to Stakingrewards.com, ADA’s stake value reached $ 29.73 billion in mid-July and is currently at $ 51.22 billion.
At the time, Solana (SOL) was third at $ 10.48 billion. But the surge over the past five months has made it the most widely used cryptocurrency at $ 92.32 billion.
Top 5 staked crypto assets | Source: Stakingrewards
Since the release of the Alonzo Smart Contract upgrade on September 12th, the ADA price campaign has been relatively quiet.
While the 13% rise on Tuesday (November 9th) helped ADA hit $ 2.39, a seven-week high, the sell-off on Wednesday (November 10th) blown away any previous gains.
Additionally, ADA is currently 30% below its all-time high (ATH) of $ 3.1, which was set earlier this month, while other crypto projects, including Solana, remained motivated. According to investors, this is a sign that all is not going well.
ADA price table | Source: TradingView
Continuous improvement from Cardano
Recently, IOHK CEO Charles Hoskinson said that it is not short-term price action that matters, but solid fundamentals and problem-solving, which are the keys to long-term perseverance.
Similarly, Harrison said optimizing network performance through iteration and improvement rather than hype and marketing will help the project “win the race”. But the path to an optimal network is achieved by taking steps gradually, not in a day or two.
Harrison’s recent blog post talks about IOHK’s efforts to maximize dApp throughput and usability.
“These are incremental upgrades that will be implemented incrementally over the next few months to ensure that the changes meet network requirements and do not affect various properties.”
Cardano is still at the beginning of his life with a lot of work.
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