Cardano Hits New Milestone With Over 1 Million Wallets Staking ADA
Even with its price persistently drawing down over the past few weeks, Cardano’s Christmas may have come a bit earlier than expected, as the network officially hit a new milestone of over 1,000,000 wallets, currently staking ADA. Matter of...
Even with its price persistently drawing down over the past few weeks, Cardano’s Christmas may have come a bit earlier than expected, as the network officially hit a new milestone of over 1,000,000 wallets, currently staking ADA. Matter of fact, many crypto users are now turning to staking, having realized the underside of trading in the very volatile crypto industry.
Meanwhile, ever since September 12th, when smart contracts was launched on the Cardano mainnet, the Cardano blockchain has been gaining so much traction, and in the process, giving users high hopes of becoming the next Ethereum beater.
Cardano Forging A Name For Itself
For a while now, Cardano has definitely been forging a name for itself as the ever-ready network that has the capabilities of supporting numerous decentralized applications (dApps) across different industries like healthcare, education, finance, and many others. And in line with that, Charles Hoskinson has been leading the cardano team on various tours across the globe, penning down deals that are already seeing cardano become the real deal for real use cases in the industries.
Another interesting feature of the cardano blockchain is its proof of stake (PoS) consensus algorithm. The PoS affords users the opportunity to stake their coins in support of the blockchain network and also get rewards once their transactions have been confirmed.
Furthermore, one of its most successful applications has been the ADACash — a new token on the Binance Smart Chain (BSC). The ADACash helps users amass ADA, simply by holding. And since its inception just a month ago, the token has already hit a market capitalization of $40 million in less than two weeks boasting of over 10,000 holders.
Maybe the figure can be attributed to the app offering 10% ADA rewards for staking, but users are have been putting their earnings back into staking, as ADA continues to establish itself as the undisputed yield generator for the next generation.
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