Here’s How Kraken Elevated Its Interest In Cardano [ADA]
Cardano [ADA] is added to cryptocurrency exchange Kraken as a collateral cryptocurrency on its futures platform. The US-based trading platform offers both single-collateral futures as well as multi-collateral futures. In the single-collateral type, only the base cryptocurrency of a certain...
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August 23, 2022 by Lipika Deka
Cardano [ADA] is added to cryptocurrency exchange Kraken as a collateral cryptocurrency on its futures platform. The US-based trading platform offers both single-collateral futures as well as multi-collateral futures.
In the single-collateral type, only the base cryptocurrency of a certain pair can be used by users in the form of collateral. While the second type of futures contract lets traders deposit multiple cryptocurrencies as collateral, indicating that they are not limited to the base currency.
ADA has now joined a slew of other cryptocurrencies such as Chainlink [LINK], Polkadot [DOT], Decentraland [MANA], and others. With the latest addition, the token can now be used for getting accessibility to over 40 futures contracts now.
It is important to note that the ADA token has a 10% “haircut,” which is a cut in the margin value of the collateral. For example, if one’s balance is 1,000 ADA tokens, 900 ADA coins count as collateral that can be used for backing orders.
Here's How Kraken Elevated Its Interest In Cardano [ADA] 3Having said that. the size of the haircut differs for different cryptocurrencies: from 0% for Bitcoin [BTC] to 50% for Avalanche [AVAX] and Tezos [XTZ]. However, users cannot withdraw collateral currencies if their spot positions on margin remain open.
On the other hand, Cardano’s Version 1.35.3 created to fix a crucial bug found in v1.35.2 has been upgraded by 31% of the ADA’s SPOs. The latest software is intended to be used by pool operators before the Vasil fork.
Over 30% Of Cardano SPO Are Now Running The Latest Software
The update is designed to root out critical bugs found in Cardano’s previous implementation, which raised questions about whether the network’s upcoming Vasil hard fork should be postponed.
As per data from PoolTool, about 55% of nodes are still operating on v1.34.1. In order to upgrade to Vasil, 75% of SPO nodes must be on the newest version.
“This is again umpteenth positive update that comes with significant improvements,” said FLOWR – a Cardano staking pool – in a tweet on 22 Aug. “The node works stably and uses less hardware resources.”
Other staking pools like PRIDE pool and Cardano Blockhouse have also backed the transition to the new version.
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