Leading cryptocurrency Cardano has successfully crossed the 3,000,000 wallets milestone, accomplishing a great feat by expanding its user base.
After a brief period of stagnation as we wait for the Cardano Basho period, the ADA community had reason to celebrate with this wallet achievement.
The Cardano Twitter account first shared the news of the 3,000,000 milestone via the social media platform on February 3.
Cardano Hits 3 Million Active Wallet Milestone
Cardano, which operates on a proof-of-stake staking protocol, has recently become one of the preferable choices of investors to trade and has also amassed a substantial user base of 3 million wallets.
Cardano also announced a new proposal that will see the network increase its block size from 72KB to 80KB.
The increase in block size will facilitate the network to accommodate more transactions in each independent block. The proposal has been launched in a bid to improve the network's overall capacity and functioning.
In August 2021, Cardano had launched its widely anticipated Alonzo hard fork, which enabled the network to deploy smart contracts. The smart contract deployment bolstered the staking capabilities of the network, which helped Cardano in gaining furthermomentum.
After the integration of the Alonzo hard fork, ADA's price surged by a staggering 114%. Cardano even became the third-largest cryptocurrency for a period, before dropping down the rankings.