Cardano data aggregation tool shows that ADA’s staking wallets have increased 14.7% to 942,117 as of November 10, compared to September 10.
The amount of ADA tokens staked is reportedly valued at $53.6 billion, an equivalent of 72.17% of the total supply.
Cardano surpassed 2 million wallets on November 2, a few months after hitting 1 million wallets on May 22. The network has gained 54.8% new wallets from 608,391 wallets on June 3.
The cryptocurrency bullish momentum is driven by the ecosystem expansion with the Alonzo Hard Fork Combinator upgrade. The upgrade enhanced more smart contract capabilities.
Another anticipated layer-two solution, Hydra Update, could reportedly reduce transaction costs with the potential speed of 1,000,000 transactions per second. Cardano currently ranks as the fourth largest crypto with a market cap of $75 billion and $6 billion trading volumes in the past 24 hours.
Source: Cardano Pooltool