Data from the Cardano ($ADA) network shows that the number of wallets on the network has increased by more than 100,000 so far. This phenomenon occurs after the failure of FTX. In fact, some cryptocurrency users seem to have moved their funds to other wallets.
FTX’s impact on the Cardano network
According to data from Cardano Blockchain Insights, the number of Cardano wallets has recently increased to more than 100,000. Therefore, this number increases from about 3.633 million at the beginning of the month to more than 3.73 million at the time of writing. The accelerated growth of the Cardano wallet on the network follows the fall of cryptocurrency exchange FTX, which came under attack this month. During this attack, FTX discontinued withdrawals and later filed for Chapter 11 bankruptcy protection.
After FTX filed for bankruptcy, the contagion hit the entire cryptocurrency space. After this collapse, trust in centralized platforms was severely affected. For example, cryptocurrency lender BlockFi suspended withdrawals. The company also announced that it will no longer be able to operate as usual due to the ash on FTX. Of course, the opacity around FTX doesn’t help the situation.
The evolution of Cardano
The Cardano network continues to grow and recently took the next step with the launch of its first stablecoin. Other stables are being created on the Cardano network. EMURGO is the trading arm of Cardano. The latter announced at the beginning of November the planned launch of its new USDA stablecoin backed by the dollar. It is the first fully supported and regulatory compliant stablecoin in the Cardano ecosystem.
According to an EMURGO press release, USDA benefits from the stability and security of the US dollar. Added to this are the low fees, the green feature of the Cardano blockchain as well as locking in the value of investors’ crypto assets by pegging them 1:1 to the US dollar. By reducing volatility and quickly unlocking fast global transactions from existing banking and payment infrastructures. Likewise, a Cardano-powered algorithmic coin called Djed ($DJED) is expected to launch early next year. This launch is expected to happen on the main network of the smart contract platform. The authors of this announcement are the developers themselves during the Cardano Summit in Lausanne, Switzerland.
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As for the angels of intervention in the current monetary system, I oppose DeFi, digital assets and the metaverse. Lawyer in Luxembourg, I am interested in cryptocurrency investment funds.