Cardano(ADA) Adds 50K New Staking Addresses in Three Weeks

Coinfomania 10 months ago Report
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Cardano(ADA) Adds 50K New Staking Addresses in Three Weeks

Cardano(ADA), the fifth-largest cryptocurrency by market cap, has seen significant progress in the last three weeks. According to data, it has added 50,000 new staking addresses, which indicates an increase of 8% since the beginning of June. This influx of new investments has brought the total number of staking addresses to 662,000 and the total count of active mining pools to 2,647. At the time of writing, the staked funds are estimated to be worth $29 billion, which represents 71% of the total supply.

Cardano Eyes El Salvador For Adoption as Staking Addresses Increase

Earlier this month, El Salvador became the world’s first country to adopt Bitcoin (BTC) as legal tender. And following that, Cardano founder Charles Hoskinson suggested that the tropical country might approach ADA similarly.

Commenting on the possibility of Cardano’s adoption in El Salvador, Hoskinson revealed his team was discussing an agreement with the government that could be finalized soon. He also hinted that he would personally visit the country to cement the negotiations.

Hoskinson asserted that El Salvador’s focus on digitizing its economy goes beyond Bitcoin adoption. He said, “They definitely expressed interest in digitizing the country and going beyond the simple legalization of Bitcoin. So we’ll have a better idea of ​​that in the next two to four weeks.“

Updates on Alonzo and Cardano Network

During a regular video update, Cardano’s co-developers Input Output Hong Kong(IOHK) revealed that Alonzo is now able to run smart contracts. The milestone is part of the blue phase of Alonzo’s rollout map.

Dimitris Poulopoulos, the delivery lead at IOHK, explained the feature and said, “It could be as simple as a transaction that passes back a ‘Hello, world,’ or a confirmation of a payment that has been made. It means that we have Alonzo running smart contracts.”

Meanwhile, the Cardano team has also begun researching the feasibility of “Stablefees”, which could make crypto transactions cheaper in the future. Cardano intends to integrate the mechanism in the platform’s system assets approach and ledger rules. The IOHK believes that stablefees will enable the network to  “offer fair and predictable transaction pricing.”

Divya Mathur

Divya Mathur

Divya is a postgraduate from Jawaharlal Nehru University specializing in International Relations and a professional writer with more than 5 years of experience writing for the web. She is an avid reader interested in the global financial system and the effects of decentralization. At Cryptoknowmics, she hopes to deliver clear and understandable content to inform readers about the latest events in the crypto sector.

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