Half Of Cardano Wallets Are Staking ADA As Of Late: Report

Half of Cardano wallets are now staking ADA as of late, as per the latest reports that we have in our latest Cardano news.

About 55% of all ADA wallets on the market have their funds delegated to a stake pool and this increase in new wallets per day accompanied by the rise of the total number of ADA staked made the platform by far the most decentralized blockchain network on the market. Earlier this month, Cardano managed to surpass Polkadot as the most decentralized blockchain network on the market. with over 69 percent of the total circulating supply of the native crypto ADA staked on the network, ADA seems to be living up to the promise to become 100 times more decentralized than BTC.

The fast rise of the number of new ADA wallets created and the total amount of ATA staked, has been attributed to the overall bear market with many users saying that ADA was a reaction to the altcoin boom. With half of Cardano wallets staking the coin, most of the on-chain metrics seem to be growing at a consistent pace.

According to the data by Pieter Nierop, the Cardano stake pool has a number of wallets that delegated all of the coins and reached an all-time high of 152,417 which represents 54.92% of the 277,538 ADA wallets on the market. This is a record as there were never more ADA coins that were delegated to stake pools. Since the start of the year, over 600 million ADA was delegated to stake pools and the data from ADAPools and AdaStat shows that there are more than 22.1 billion ADA staked which is a sharp increase from the previous 21.45 billion staked at the start of the year.

Another thing that confirms Cardano’s rapid decentralization is the sharp increase in the average number of ADA delegated per wallet. Since the end of 2020, the average number of ADA in delegated wallets was decreasing and now stands at under 145,000 ADA. This means that the network is controlled by a huge number of users that hold smaller sums of the network’s coin.