Report said that more than $30 billion worth of Cardano’s ADA has been staked across 2,665 active pools, in anticipation of a major milestone in the network’s evolution, one that could set the stage for wider network adoption and a more considerable price appreciation for the cryptocurrency.
It has been reported that around 71.7% of ADA’s circulating supply, the worth $31 billion at today’s prices. Last Thursday, the price of ADA was $1.34, having gained 4%.
However, Cardano remains far and away from the most capitalized cryptocurrency in terms of staked value. Industry data shows that Ethereum’s staked value is a distant second at $12.2 billion, as Solana, Polkadot, and Algorand round out the top five.
The report said that Cardano’s staking allows users to earn passive income in the form of ADA without having to lock up their assets for a certain period of time. By comparison, other protocols specify a minimum lock-up period for earning staking rewards. Investors remain bullish on ADA in anticipation of full smart contract implementation later this summer.
As reported, Input Output Hong Kong (IOHK) launched the Alonzo hard fork in May, paving the way for smart contract capability, possibly as early as August.
Thus, in a June 11 update that appeared on YouTube, IOHK revealed that Alonzo now has the capacity to run smart contracts.