Cardano (ADA) has experienced substantial growth over the last year, as seen by the increase in the number of wallets holding the network’s native currency, ADA.
After surpassing the 3 million total ADA wallet holders threshold in 2022, Cardano added over 450,000 wallets to its network in Q1, 2022, roughly 5,000 per day.
Notably, Cardano has added about 100,000 wallets to its network in the past month alone, and the figure continues to grow. Indeed, according to Cardano Blockchain Insights, ADA had 3,159,444 wallets on March 17, increasing to 3,253,074 on April 17.
ADA wallets. Source: Cardano Blockchain Insights
Launch of the ERC-20 Converter
The rise in the number of wallets during the previous month corresponds to the network’s rapid expansion. On April 18, 2022, the Cardano ERC-20 Converter will go live on Mainnet, and it is a significant event.
#Cardano is here to fly!!!🚀🚀
What time is the ERC-20 CONVERTER will be release in your time zone?🤩
$AGIX $NTX #Cardano#BuildingOnCardano pic.twitter.com/WY2PZ7ibqB— Cardano Daily (@cardano_daily) April 18, 2022
Cardano will facilitate the migration of ERC20 tokens to its platform to increase the diversity of use cases for application developers and companies.
Input Output (IOHK), the firm behind Cardano, noted that:
“The ERC20 converter – a tool developed by IO Global – addresses these needs offering extended opportunities in terms of deploying solutions on Cardano using Ethereum-based tokens.”
With the launch of the ERC-20 convertor, Ethereum-based ERC-20 tokens may now be easily moved to and used on the Cardano network. The launch of the ERC-20 converter is anticipated to stimulate additional development within the ADA community and to bolster Defi services on Cardano.
Following the Alonzo hard fork that enabled support for Plutus smart contracts, token holders of supported Ethereum tokens were expectedly able to migrate their tokens away from Ethereum’s network.
At the same time, they would benefit from Cardano’s increased transaction capacity, lower costs, enhanced security and interoperability.