The data sourced from the Cardano ($ADA) Network shows that it has recorded more than 100,000 number of wallets this month. This move is considered in the wake of FTX collapse as the cryptocurrency users are actively moving their funds to wallets they control on-chain.
Cardano Wallet Growth
Cardano Blockchain Insights, the Cardano Network, showed that the number of Cardano wallets has recently grown by more than 100,000. It has increased from around 3.633 Million at the beginning of the month, to over 3.73 Million at the time of writing.
Here, it can be noted that the rushed growth of Cardano wallet has been seen after the collapse of the second largest cryptocurrency exchange, FTX in this month. This endured a bank run as the bank run witnessed FTX halt withdrawals and then filed for Chapter 11 bankruptcy protection.
However, after the FTX fallout, contagion struck the cryptocurrency ecosystem, and badly affected the centralized platforms.
Moreover, BlockFi, a cryptocurrency lender, suspended withdrawals and won’t be able to operate business as usual,” and gave the bank run on FTX and not specifically gave the clarity to what is happening with the cryptocurrency exchange.
Stablecoins Created on The Cardano Network
The Cardano network still recorded an increase, and recently touched the new milestone after launching its first stablecoin. However, the other stablecoins are being created on the Cardano network.
EMURGO, a blockchain technology firm and the commercial arm of Cardano, launched the first USD-Backed Stablecoin for Cardano ecosystem on November 18, 2022.
Source: https://www.thecoinrepublic.com/2022/11/28/cardano-ada-network-noted-the-massive-wallet-growth-this-month/