Cardano’s (ADA) ecosystem continues to grow despite the volatility in the cryptocurrency market, which has been severely damaged this year by the implosion of the Terraform Labs environment and now by the collapse of the FTX crypto exchange.
In this line, Cardano wallet growth increased, with a weekly increase of 30,000 wallets in the midst of the FTX crash. In addition, the number of Cardano-based smart contracts topped 4,000 for the first time this year, representing an increase of over 300 percent.
According to statistics collected by Finbold, Cardano has gained an average of 22,327 new staking addresses every month over the last 13 months. Pooltool, a Cardano data aggregation tool, reveals that ADA’s staking wallets reached a total of 1,232,459 stake addresses on December 9, compared to 942,117 addresses on November 10, 2021, marking a gain of 290,342 addresses over the course of 13 months.
As of December 9, the overall quantity of ADA staked is 25.12 billion (73.59%) of the total supply, while in November 2021, this figure was 53.6 billion.
Charles Hoskinson, one of the founders of Ethereum, founded Cardano, a smart contract platform that resembles Ethereum in several respects. Unlike Ethereum, Cardano has always used a Proof-of-Stake (PoS) consensus process.
Notably, Hoskinson disclosed on December 7 that ‘secret smart contracts’ are coming to Midnight, Cardano’s next blockchain with an emphasis on privacy.
The Cardano network continues to outpace all other cryptocurrencies in terms of monthly development activity. Cardano had the most development activity in November, according to research conducted by the on-chain market information platform Santiment.
In November, the Cardano team recorded 572.67 produced events in its public GitHub repositories, 18% more than the second highest-ranked asset, Polkadot (DOT), which recorded 486.13 events over the same 30-day period, and its GitHub development activity rate has continued to be the leader so far in December.
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