The number of wallets carrying Cardano’s native currency, ADA, has increased significantly over the previous year, as evidenced by the increase in the number of wallets holding the network’s native currency.
After surpassing the 3 million total ADA wallet holders milestone in 2022, the cryptocurrency added over 450,000 wallets to its network in Q1, 2022, an average of 5,000 per day.
Notably, Cardano has added about 100,000 wallets to its network in the last month, and the figure is still growing. On March 17 ADA had 3,159,444 wallets, adding a total of 93,630 between April 17 when the number stood at 3,253,074, according to the statistics from Cardano Blockchain Insights.
The rise in the number of wallets in the last month, in particular, corresponds to the network’s rapid growth. On April 18, 2022, the ERC-20 Converter will be live on Mainnet, and it’ll be a significant event.
The platform will “support the ERC20 token migration to its platform” in order to “extend the variety of use cases for application developers and businesses.”
The company behind Cardano, Input Output (IOHK), added:
“The ERC20 converter – a tool developed by IO Global – addresses these needs offering extended opportunities in terms of deploying solutions on Cardano using Ethereum-based tokens.”
ERC-20 tokens from the Ethereum blockchain can now be freely moved to the Cardano blockchain for use thanks to the launch of the ERC-20 convertor. The ERC-20 converter’s release is supposed to drive more development in the ADA community, as well as increase the platform’s DeFi services.
It was hoped that, following the launch of the Alonzo hard fork, which enabled support for Plutus smart contracts, token holders of supported Ethereum tokens would be able to move their tokens away from Ethereum’s network and benefit from Cardano’s increased transaction capacity and lower fees, as well as enhanced security, lower costs, and interoperability.
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