Cardano ($ADA) Network Noted The Massive Wallet Growth This Month

The data sourced from the Cardano ($ADA) Network shows that it has recorded more than 100,000 number of wallets this month. This move is considered in the wake of FTX collapse as the cryptocurrency users are actively moving their funds to wallets they control on-chain.

Cardano Wallet Growth

Cardano Blockchain Insights, the Cardano Network, showed that the number of Cardano wallets has recently grown by more than 100,000. It has increased from around 3.633 Million at the beginning of the month, to over 3.73 Million at the time of writing.

Here, it can be noted that the rushed growth of Cardano wallet has been seen after the collapse of the second largest cryptocurrency exchange, FTX in this month. This endured a bank run as the bank run witnessed FTX halt withdrawals and then filed for Chapter 11 bankruptcy protection.

However, after the FTX fallout, contagion struck the cryptocurrency ecosystem, and badly affected the centralized platforms.

Moreover, BlockFi, a cryptocurrency lender, suspended withdrawals and won’t be able to operate business as usual,” and gave the bank run on FTX and not specifically gave the clarity to what is happening with the cryptocurrency exchange.

Stablecoins Created on The Cardano Network

The Cardano network still recorded an increase, and recently touched the new milestone after launching its first stablecoin. However, the other stablecoins are being created on the Cardano network.

EMURGO, a blockchain technology firm and the commercial arm of Cardano, launched the first USD-Backed Stablecoin for Cardano ecosystem on November 18, 2022.

As per the Press Release EMURGO stated that, USDA “leverages the stability of the U.S. Dollar combined with Cardano’s security, low fees, and eco-friendly blockchain” and offers “locks in the value of investors’ crypto assets by pegging 1:1 to the U.S. dollar, reducing volatility, and unlocking fast global transactions without legacy banking and payment infrastructure delays.”

Additionally, Djed ($DJED,) a Cardano-powered algorithmic Stablecoin, is set to launch in the early of next year on the mainnet of the smart contract platform. This following update is noted from the developers at the Cardano Summit 2022 in Lausanne, Switzerland.

Cardano Price

Last but not the least, the current trading price of ADA is $0.304210 USD with a 24-hour trading volume of $237.74 Million USD. Cardano is down 3.66% in the last 24 hours. The token is on the top-10 list with the current CoinMarketCap ranking at 9, with a live market cap of $10.47 Billion USD.