Staking: "Pretty Special" Cardano Lures More Unique Wallets Than Ethereum

Staking has grown to immense popularity over the last year. With Ethereum’s dive into proof-of-stake [PoS], everyone in the community wanted to explore the staking space. Despite Ethereum’s large-scale developments around the same, Cardano continues to lure in more investors.

Charles Hoskinson, the founder of the Cardano ecosystem, took to Twitter and revealed that the number of unique wallets participating in staking was much higher than that of Ethereum. He even lauded the network and called it “pretty special.”

Cardano is pretty special. It's almost like a lot of people thought about how to build an excellent staking protocol years ago and made it happen pic.twitter.com/SydlMTYyy1

— Charles Hoskinson (@IOHK_Charles) April 3, 2023

This isn’t the first time Hoskinson has commented about staking. Back in February 2023, he noted how Ethereum’s staking was “a lot like regulated products.” Further taking a dig at how Ethereum investors had to wait to withdraw their staked funds, he added,

“Locking funds, encouraging centralization, and poor protocol design hurts the whole industry.”

As seen in the about tweet. the number of unique addresses invested in staking Cardano was at a high of 1,234,810 while Ethereum has a dainty 88,400. However, according to Staking Rewards, ETH was leading the game with its staking market cap of $33.99 billion. Cardano was just below with a market cap of $9.2 billion. In terms of rewards, ETH remained on top with 4.92%. ADA’s rewards were at 3.24%.

Cardano proved to be a great competition to Ethereum. ADA’s staking ratio was at 68.11% whereas ETH’s was at a meager 15.6%. Staking ratio is basically the percentage of eligible tokens that are being staked.

Ethereum and Cardano endure dainty dips amidst market-wide correction

After its recent rally, the cryptocurrency market was seen enduring a slight setback. Ethereum [ETH], at press time, was trading for $1,775 with a 2.22% daily drop. Cardano followed suit and was plummeting by 2.40%. The altcoin was priced at $0.378.

The Ethereum network has been awaiting its highly anticipated launch of the Shapella upgrade. Staking withdrawal requests about 24 hours after Shapella will reportedly be carried out on exchanges. This is expected to take place on April 12, 2023. Several speculated that this upgrade could further push the asset back above $2000.