Cardano surpassed Polkadot to become the biggest staking network with 69% of its circulating supply staked
According to data from Staking Rewards, Cardano is one of the decentralized networks with 69% of the circulating supply that is staking. At press time, ADA surpassed Polkadot, becoming the biggest staking network.
Source: Staking Rewards
Cardano surpassed Polkadot to become the biggest staking network with 69% of its circulating supply staked
Cardano is a very important project in the cryptocurrency ecosystem for the past few years. In it, IOHK has been in the process of expanding Cardano’s ecosystem and making it more self-sufficient.
Cardano has become the most decentralized network with 69% of its circulating supply staked. The seventh-largest cryptocurrency in terms of a market capitalization of $ 10.26 billion, surpassed Polkadot to become the biggest staking network. Polkadot had 60.87% of its circulating supply staked and was followed by Ethereum 2.0 which was noting only 1.53% staked.
IOHK CEO and Founder of Cardano acknowledged this development and noted that Cardano is also the most secure network.
Comparing competitive project Polkadot, one Twitter user stated:
The UX for staking $ADA is light years ahead of DOT. At one point I staked $dot with my ledger, and I’m still trying to figure out how to view my balance. With $ada, I simply click on the yoroi extension. This is going to be a huge advantage w/newcomers to the space.
— Jake Nicholson (@olezigaba17) January 10, 2021
Others, however, are dissatisfied with this achievement as the use of coins used for wagering is limited.
According to data observer Pieter Nierop, on average, 25.7 million new ADAs were staked per day over the past seven days. There were 1500 new delegates added to the network at the same time, while 1,895 new wallets were created on January 8.
Lot of new delegating wallets.
Staked #ADA is up.
3499 new wallets !#Cardano is unstoppable guys.
These new wallet owners want #ADA.
They eventually want lots of ADA as well.
Where to get?
We’re not selling any, we are the staking army.
Going to sleep.
Goodnight. pic.twitter.com/UUiOeL9feG
— Pieter Nierop (@nierop_pieter) January 9, 2021
Cardano’s blockchain platform has been trying to be used for everything from DApss to blockchain voting and everything in between. The IOHK Foundation has been working to make the Cardano system independent of its regulation and recently launched fund 3, to make community participation central to the Cardano ecosystem.
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