Cardano staking continues to surpass Ethereum due to increasing demand for ADA

The launch of the Cardano Alonzo hard fork upgrade in September 2021 enabled smart contracts that facilitate the creation of dApps. Demand for ADA, for staking purposes, spiked, especially in February 2022. Cardano has continued to stretch its lead over Ethereum in terms of total miners.

Cardano stakers led Ethereum by 2,000% in February 2022

Cardano (ADA) saw its distributor total beat major competitor Ethereum in February. Cardano ended the second month of 2022 with 1.17 million shares. Although it has seen a 2% increase in the number of founders, up from 1.14 million in January 2022, the network continues to hold a larger market share than Ethereum 2.0.

Cardano Stakers Led Ethereum by 2,000% in February 2022

Source: Staking Rewards

Cardano has seen impressive growth in 2022 despite much criticism from blockchain enthusiasts and decentralized finance fans for its lack of real-world use cases. The ecosystem is being led by decentralized exchanges SundaeSwap and MiniSwap, both of which have a positive impact on the total value locked in the Cardano ecosystem.

On January 2nd, the total value locked (TVL) in Cardano was $822,261. The 292% spike resulted in TVL reaching $3.2 million on Jan. 20. Two days later, Cardano TVL increased a staggering 2,619.99% to $87.79 million. A small correction at the end of the month put the total value locked on January 31 at $72.41 million.

cardano-staking-continues-to-surpass-ethereum-due-to-increasing-demand-for-ada

Source: Defillama

TVL in Cardano crossed $100 million on Feb. 13, $120 million on Feb. 16, and finally settled at $113.9 million on Feb. 28. Total value locked in Cardano remains strong so far in March, currently at over $130 million.

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