Cardano has become the most decentralized project

CONTENT

  • Staking volume on Cardano network approaches $ 7 billion

  • The project has become the most decentralized blockchain, overtaking Polkadot

  • New functionality and user support form a favorable foundation

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Almost 70% of all tokens of the Cardano cryptocurrency project (ADA) are staked, making it the most decentralized blockchain in the world.

According to Staking Rewards, Cardano users have staked over 21 billion coins worth over $ 6 billion. This is 70% of the total amount of ADA in circulation. Thus, the project overtook the permanent leader Polkadot and became the most decentralized blockchain in the world in terms of the aggregate value of the coins placed. In third place is the Ethereum 2.0 project. Beacon Chain now blocks $ 2.34 billion of ETH.

Data on assets placed on staking. Source: Staking Rewards

At the time of writing, stakers receive an annual income of 4.33%.

Cardano picks up the pace

Cardano is a blockchain platform created by the Input Output Hong Kong (IOHK) development team led by Charles Hoskinson, former co-founder of BitShares, Ethereum and Ethereum Classic. The Cardano ecosystem is used to develop and run decentralized applications, including blockchain voting platforms. Earlier, the BeInCrypto editors reported that the SingularityNET AI platform was considering the possibility of using the Ethereum blockchain on Cardano.

Smart contracts, interoperability with other blockchains and management functionality are under development, but the Cardano project is already taking an important place in the cryptocurrency industry. According to the analytical resource Santiment, developers’ activity in the project is rapidly recovering after a drawdown to minimum levels in October 2020. This means that Cardano is actively preparing for the launch of new functionality..

Developer activity on the Cardano network in the last 6 months

Cardano has become the most decentralized project

The project is gaining popularity

Social activity indicators are also recovering steadily since the end of December, confirming the growing interest in cryptocurrency. The last peaks were recorded on January 6 and 9. They coincide with the flow of assets to staking.

Cardano to Become 100x More Decentralized Than Bitcoin? | Charles Hoskinson at Davos 2020

According to AdaPools, users have delegated over 100 million ADA in one day. Over the past seven days, users have staked an average of 25.7 million coins, and the number of delegates has increased by an average of 1,500 every day, Twitter user and Cardano fan Pieter Nierop reported.

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

At the time of writing, ADA is trading at $ 0.30 and is ranked seventh in the cryptocurrencies ranking with a market cap of $ 9.5 billion and an average daily trading volume of about $ 3.5 billion. On January 7, the coin formed a top in the $ 0.388 area. This is a record high since February 2018. Despite the rally, the ADA is still 77% below its all-time high of $ 1.33 reached on Jan.4, 2018.

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Cardano has become the most decentralized project
Cardano has become the most decentralized project
Cardano has become the most decentralized project

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