Despite the severe criticism that the Cardano project was subjected to for its slow progress in integrating smart contracts and not yet being exploited by projects and protocols to build on Cardano.

However, the Cardano project managed to achieve a new milestone, which is to reach 1 million “staking” wallets.

The new number was reached by the project earlier on Sunday.

This number marked the first major milestone for a blockchain network based on the Proof of Stake mechanism, following the Alonzo upgrade that was incorporated in September of this year.

The growing popularity of ADA quotas highlights Cardano’s growing influence in the decentralized finance system.

Read:Some Cardano investors doubled their holdings from ADA during the recent downturn

Charles Hoskinson, founder of Caradno, shared this achievement with his Twitter followers with a screenshot of the staking stats and the number of active pools.

We did it!

– Charles Hoskinson (@IOHK_Charles) December 5 2021

As mentioned, Cardano incorporated Alonzo’s upgrade in September to support smart contracts, opening many new avenues to the challenge.

Criticism and skepticism of Cardano’s impact on the decentralized finance market continued due to its late entry, however, Hoskinson throughout maintained that the focus was on building a reliable product rather than a gimmick and currency appreciation.

The new number achieved is a rapid imprint in the Defi system with a growing number of enthusiasts and Dapp support.

It is worth noting that the first decentralized trading platform “Sundae Swap” was launched on Cardano earlier today and the project team encouraged developers and users to find bugs to make it a full-fledged product when it was launched on the mainnet.

Can DeFi’s Rising Popularity Help ADA’s Price Rise?

Defi’s growing popularity on Karadno and the increased development activity on the blockchain has not been reflected in the price.

Read:The President of El Salvador comments on the recent decline in the price of Bitcoin and the future destination of the currency

The price of ADA reached a new record high in the run-up to Alonzo’s upgrade to $3.10 and many expected the price to rise further after the successful upgrade, which is just like Ethereum.

Conversely, however, the price of ADA slipped lower even as other altcoins made new highs.

The ADA is currently trading at $1.29 with a decrease of 7% over the past 24 hours.

The altcoin lost the major support that was around $1.60 during the recent market crash and is now looking to regain momentum amid the overall market recovery.

Cardano’s supporters believe that the increased development on the platform has yet to be priced in, and once that happens, ADA will return to its bullish path.

Read also:

Intense fear returns to the souls of Bitcoin investors after falling below $ 50,000

Major Banks Study Possibility of Offering Bitcoin Backed Loans