New Wallets Surge On Cardano, What’s Behind This?

The Cardano network is no stranger to accelerated growth but every now and then, there is a spike that causes the market to take a pause. This has been the case with the number of new wallets added on a daily basis which had reached a high of 7,600 new wallets added in a single day. While this is going on, speculations abound as to why the network is now seeing this rate of accelerated growth compared to when the market was still in a bull trend. More Adoption Coming The adoption of the Cardano network has been one of the reasons behind this increased interest in the blockchain. More users are coming to know Cardano as a major contender in the decentralized finance (DeFi) space, thus prompting them to start using the network. The result of this was not only had daily new addresses hit 7,600 in a single day, there had been more than 200,000 new addresses added to the network in the space of a month. Related Reading | The Young Turks Embarrass Themselves Trying To Discuss Crypto Regulation One solid reason behind this has been the adoption of the network for its NFT capabilities. Now, like with much else, the Cardano network offers cheaper and faster transactions compared to its biggest competitor, Ethereum. This has led some prominent figures to choose the network as the platform to launch their NFT projects. One of these is legendary rapper Snoop Dogg who announced that he would be launching an NFT collection on the block...