Despite facing regulatory headwinds in the United States, Cardano (ADA) has experienced impressive growth and adoption in recent times. While the price of ADA may have been suppressed due to regulatory concerns, it has not deterred users from embracing the cryptocurrency.
Over the past year and a half, the adoption of Cardano has nearly doubled in the United States. According to data from crypto analytics firm Morning Consult, approximately 7% of Americans, equivalent to around 10 million people, currently hold ADA. This marks a significant increase from the 4% recorded in January 2022, reflecting a growth rate of almost 100%.
The surge in Cardano’s adoption can be attributed to its unique staking capabilities, which have attracted a growing number of users looking to profit from their holdings. Staking allows users to earn rewards by holding and validating transactions on a blockchain network, providing a decentralized financial service. Cardano offers an attractive staking reward of just over 3% per year, making it an appealing option for those seeking passive income.
Data from Staking Rewards reveals that approximately 62% of all ADA in circulation is currently staked, indicating the widespread popularity of this practice among investors. Cardano now ranks third, following Ethereum (ETH) and Solana (SOL), in terms of crypto networks offering the highest staking rewards.
Furthermore, the popularity of centralized exchanges among U.S. users has contributed to the significant number of ADA stakers. Tens of millions of individuals potentially engage in staking ADA through these platforms, further bolstering Cardano’s adoption.
While regulatory challenges have impacted Cardano’s price in the U.S., its underlying technology and attractive staking rewards have enabled it to thrive. The growth in adoption demonstrates the resilience and appeal of the cryptocurrency, as users recognize its potential for generating returns and participating in a decentralized financial ecosystem.
As Cardano continues to expand its user base and attract more investors, it remains to be seen how regulatory developments will shape the future of the cryptocurrency in the United States. However, for now, the growth in adoption serves as a testament to Cardano’s strength and potential in the increasingly competitive world of cryptocurrencies.
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