Cardano wallets have grown significantly in the month of January, adding more than 50k wallets according to stats derived from Cardano Blockchain Insights.
To go even further, on January 1, there were a total of 51,868 wallets added to the network, taking the number of registered wallets from 3,842,867 to 3,894,735 as of January 25.
An average of 2,075 new wallets have been opened every day on the Cardano blockchain in less than a month, demonstrating an increase in interest and activity from potential new investors.
Overall, the network witnessed tremendous traction in various sectors, including decentralized finance [DeFi] and nonfungible tokens [NFTs].
Especially, over the past month, Cardano’s ADA registered substantial growth. The eighth-largest cryptocurrency by market cap is up nearly 50 percent year-to-date [YTD] and some experts predict a further uptrend in the coming weeks.
The upcoming debut of Djed, the network’s stablecoin, is possibly the main factor driving Cardano’s ascent this month. Djed is an algorithmic stablecoin that is overcollateralized and pegged to the US Dollar.
Cardano’s Djed Stablecoin Upcoming Launch Has Raised the Expectation Tempo
Additionally, it employs a rigorous verification procedure, making it one of the first stablecoins on the market. This indicates that it can be verified quantitatively and does not necessitate a bank’s audit of its collateral reserves.
Djed was slated to launch sometime over the next week, according to a tweet from Cardano’s Twitter account on January 24. Interested parties will have to swap ADA for Djed when it is released into the market.
Apart from that, the project’s creators disclosed that traders and investors will get extra benefits when they stake ADA to get Djed. This might have acted as an incentive, in the form of increased demand for ADA, which has led to an upswing over the previous several weeks.
Not all of what has contributed to ADA’s recent growth spike is related to the imminent launch of Djed. The coin is gaining momentum due to a few additional network improvements. For instance, Cardano recently disclosed a CIP-30 update that was scheduled.
If adopted, this upgrade suggestion will make it possible for hot wallets powered by Cardano to communicate with web2 services like Amazon. In the future, this might increase the utility and need for ADA.