22 January 2022
On Sunday, Cardano (ADA) recorded a 1 million staking wallets milestone. It is the first major milestone for Cardano after the much-hyped Alonzo hardfork in September this year. ADA’S growing popularity points out Cardano’s rising influence in the Defi ecosystem. The founder of the Cardano network, Charles Hoskinson, shared this milestone on Twitter with a screenshot of the staking wallet.
In September, Alonzo hardfork integrated smart contract support, opening many new avenues in the DeFi. However, critics are suspicious about Cardano’s impact on the Defi market due to its late entry. Although, Hoskinson kept the focus on building a reliable product rather than a gimmick. With a growing number of stakers, Cardano has made a mark in the Defi ecosystem.
Also, Cardano is set to introduce its first decentralized exchange in the form of Sundae Swap. The team has asked users and developers to find bugs to make it a formidable product when launched on the mainnet.
“And expect bugs in the DEX. The sundaes wap team is encouraging you to find some. Remember this is early DApp software, and it’s still early days for DeFi on Cardano. Testnet are a key part of iterating & improving the experience”
Though the popularity and development of the Cardano blockchain is growing, the price of ADA hasn’t grown. ADA price hit an all-time high at $3.10 and many expected it to rise further after the successful update. However, ADA slipped downwards.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.