- Cardano hit another milestone after over 50,000 staking addresses were created in three weeks.
- This marks an 8% increase in the number of staking addresses, bringing the number of staking addresses on the platform to over 650,000.
- This marked increase can be attributed to the development strides made by Cardano, including the Alonzo Update and stable fees.
- Cardano is the fifth-largest cryptocurrency in the world and trades at $1.31.
2021 has been a terrific year for Cardano as the network has gone on to break milestone after milestone. The latest achievement marked by Cardano is the creation of over 50,000 new staking addresses in the network, signifying renewed interest from investors.
A reason for the increase in staking addresses on the network is inherently affiliated to the innovations offered by the development team like the Alonzo update, smart contract functionality, and the proposed introduction of stable fees
50K Staking Addresses in Three Weeks
The last three weeks saw Cardano achieve yet another impressive milestone with the creation of over 50,000 new staking addresses being created in the space of three weeks. This development marks an 8% increase in the number of staking addresses on the network, bringing the total number to 659,301.
The amount of ADA that is currently staked in these pools has a value of $29.44 billion in 2,647 active pools which represent 71.27% of the total supply of Cardano.
The metric was tracked by Pool (NASDAQ:POOL) Tool and comes on the heels of the announcement that Cardano has reached over 1 million wallets with thousands of wallets being created daily. Even on days marked by a strong bearish sentiment, the number of new Cardano wallets created was well above 6,800.
Cardano’s Alonzo Update
While the network continues to break impressive milestones, Cardano’s development team is making groundbreaking innovations. In Cardano’s ecosystem, the Alonzo update has created a massive buzz as the update makes significant progress.
Early this month, it was announced that Alonzo can now run smart contracts, following the launch of the Alonzo Blue testnet. The successful implementation of a “round trip between the ledger and back” will herald the next phase of the update, which is called Alonzo White.
On the Flipside
- With Alonzo White billed to go live on testnet, there are some inherent challenges faced by the update.
- According to the technology manager at IOHK, Kevin Hammond, the update lacks “core support mechanisms”
- Although those challenges remain unsolved, the road map explains that “The team continued working on the Alonzo node and deployed the first “Hello, world” script.
What Next for Cardano?
With White around the corner, it comes with a slew of improved capabilities for users. Furthermore, Cardano is exploring the use of stable fees to improve the predictability of transactions.
According to the post released by IOHK, the implementation of stable fees will see ADA become the reserve asset of the decentralized reserve and also serve as the “fallback currency”.
Following the legalization of Bitcoin in El Salvador, IOHK, the company behind Cardano, has revealed that a partnership between the network and the government is in the works. According to Charles Hoskinson, “all the documents and requests” have been forwarded to the government proposing a partnership.
Before this, Cardano has entered into a successful partnership in Ethiopia which will see schools use the blockchain for the tracking of student’s performance.
This partnership serves over 5 million students and 750,000 teachers and it will be interesting to see whether Cardano and El Salvador can reach an arrangement.
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