Since implementing the Alonzo hard fork in September 2021, which implemented smart contract functionality on the proof-of-stake (PoS) blockchain, the Cardano ecosystem has seen tremendous growth.
This significant growth is due to new features and updates and buyer interest, with over 2,000 new wallets being created on the network every day over the last month despite market volatility.
According to Cardano Blockchain Insights, there were 3,268,890 Cardano (ADA) holders on April 19th, compared to 3,339,101 on May 19th. This represents a monthly addition of 70,211 ADA addresses and an average daily addition of 2,340.
Furthermore, Cardano whale transactions reached a four-month high as large investors took advantage of the bear market to buy the dip. Cardano whale activity began to increase on May 12th, after the ADA price reached a low of $0.40.
Cardano (ADA) Continues to Make Significant Progress
Notably, as more developers joined the blockchain, Cardano added over 70 smart contracts per week. The leading PoS blockchain added 283 Plutus (a Cardano-based smart contracts platform) scripts, increasing its total from 2,400 on April 8th to 2,683 on May 8th, 2022.
Cardano is currently preparing for the Vasil hard fork, scheduled for June 2022. The significant upgrade is specifically designed to broaden the protocol and vastly improve transaction throughput, including volume and liquidity.
Cardano (ADA) is trading at $0.5244 at the time of writing, with a 1 percent price increase in the last 24 hours.