The Cardano ($ADA) network added 100,000 wallets this month, data shows

cryptoglobe.com

Data from the Cardano ($ADA) network shows its wallets have grown by more than 100,000  this month since the collapse of FTX, as users of the cryptocurrency appear to be moving their money into wallets they control on-chain. 

 

According to  Cardano Blockchain Insights, the number of Cardano wallets has  grown by more than 100,000 recently, from about 3.633 million at the beginning of the month to more than 3.73 million at the time of writing. 

source:cardano blockchain insights

 The accelerated growth of the Cardano wallet in the cryptocurrency network comes after the collapse of the popular cryptocurrency exchange FTX, which went bankrupt this month. During banking, FTX suspended withdrawals and later  filed for Chapter 11 bankruptcy protection. 

After FTX filed for bankruptcy, cryptocurrency took a hit  and trust in centralized platforms was severely eroded. Cryptocurrency lender BlockFi has stopped withdrawals and is "unable to operate normally" because the bank is working with FTX and there is no clarity on the cryptocurrency exchange. 

 However, as CryptoGlobe reported, the Cardano network has continued to grow and recently reached a new milestone with the launch of its first stablecoin. Other stablecoins are  created on the Cardano network.

 Cardano's business arm, EMURGO,  announced earlier this month the planned launch of a new USDA dollar-backed stablecoin, "the first fully supported and regulated stablecoin in the Cardano ecosystem.

" According to a press release from , EMURGO "leverages the stability of the USDA with the security of Cardano, low fees and green blockchain" and offers "locks in the value of investors' crypto assets by linking 1:1 to the United States." dollar, reducing volatility and opening up fast global transactions without the delays of traditional banking and payment infrastructure." 

 Similarly, an algorithmic stablecoin powered by Cardano called Djed ($DJED) is slated to launch  on the smart contract platform network early next year, developers said. at  Cardano  in Lausanne, Switzerland.at the top.

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