More than half of all Cardano wallets are stockpiling and “stacking” ADA cryptocurrency
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Answer More than half of all Cardano wallets are stockpiling and “stacking” ADA cryptocurrency
Approximately 55% of all Cardano wallets in the market allocate ADA coins into them to get rewards for it.
The sharp rise in the number of new ADA cryptocurrency wallets being created daily has been accompanied by an increase in the total number of ADA coins allocated.
This has made Cardano one of the blockchain networks that are highly decentralized.
The data indicates that Cardano is rapidly moving towards decentralization:
Earlier this month, Cardano overtook Polkadot as the most decentralized blockchain network on the market today.
With more than 69% of the total circulating supply of its native ADA cryptocurrency on the network, Cardano appears to be delivering on its promise to become 100 times more decentralized than Bitcoin.
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The rapid rise in the number of new ADA wallets created, as well as the total amount of ADA quotas that Cardano has seen in the past two months is attributed to the bull market in general, with many saying that ADA was reacting to the altcoin boom.
Several weeks after the market went into an uptrend, most Cardano metrics seem to be growing at a steady pace to the upside.
According to data compiled by Peter Nierop, a tracker and enthusiast of the ADA project, the number of wallets stockpiling and “stacking” for the ADA cryptocurrency has reached an all-time high of 152,417.
This represents 54.92% of the 277.538 ADA portfolio on the market.
Since the beginning of the year, more than 600 million ADA have been allocated.
Data from AdaPools and AdaStat showed that there are currently 22.1 billion ADA allocated, up from the last reported number of 21.45 billion on January 1, 2021.
Another evidence of Cardano’s rapid decentralization is the significant reduction in the average number of ADA coins allocated by network delegates.
Since December 25, 2020, the average number of ADA coins in delegated wallets (for delegates) has steadily decreased, and now stands at just under 145,000 ADA.
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This means that the network is controlled by a large number of users who have smaller amounts of ADA coins.
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