Almost 55 percent of all the ADA wallets on the market have all of their funds delegated to a stake pool. The sharp rise in new ADA wallets created per day, accompanied by the increase of the total number of ADA staked has made Cardano by far the most decentralized blockchain network on the market.
The latest data shows Cardano is rapidly decentralizing
Earlier this month, Cardano overtook Polkadot as the most decentralized blockchain network currently on the market. With over 69 percent of the total circulating supply of its native cryptocurrency ADA staked on the network, Cardano seems to be living up to its promise to become one hundred times more decentralized than Bitcoin.
The rapid rise of the number of new ADA wallets created, as well as the total amount of ADA staked Cardano has seen in the past couple of months has been attributed to the overall bear market, with many saying ADA was reacting to the altcoin boom.
However, several weeks into a consolidated market, most of Cardanos on-chain metrics seem to be growing at a consistent pace.
According to data aggregated by Pieter Nierop, a Cardano stake pool operator, the number of wallets that have delegated all of their ADA has reached its all-time-high number of 152,417. This represents 54.92 percent of the 277,538 ADA wallets on the market.
Graph showing the number of delegated wallets from Dec. 5, 2020 to Jan. 24, 2021 (Source: Twitter)
There has never been more ADA delegated to stake pools
Since the beginning of the year, over 600 million ADA has been delegated to stake pools. Data from AdaPools and AdaStat have shown that there is currently 22.1 billion ADA staked—a sharp increase from the 21.45 billion staked on Jan. 1, 2021.
Graph showing the total number of ADA staked on the network from Dec.5, 2020 to Jan. 24, 2021 (Source: Twitter)
Another testament to Cardano‘s rapid decentralization is the sharp decrease in the average number of ADA delegated per wallet. Since Dec. 25, 2020, the average number of ADA in delegated wallets has been steadily decreasing, and now stands at just under 145,000 ADA. This means that the network is being controlled by a large number of users that hold smaller sums of the network’s native coins.
Graph showing the average number of ADA per delegated wallet from Dec. 5, 2020 to Jan. 24, 2021 (Source: Twitter)