Cardano Mounts Towering Momentum After Coinbase’s Delectable ADA Staking Rewards ⋆ ZyCrypto

1648242918 Cardano Ousts Bitcoin Ethereum To Become Network With The Most Transaction Activity

Advertisement

&nbsp &nbsp

Cardano has recently been at the center of attention in the blockchain space due to the buzz generated by multiple developments on the network. As Charles Hoskinson recently pointed out, there are now tons of native assets and hundreds of dApps in the Cardano ecosystem.

This has prompted the network to embark on a journey to gradually scale and optimize the network as part of the “Basho era” to keep up with growing demand. Two major upgrades are planned for June and October this year. In between, IOG makes parameter adjustments, the last being an increase in the Plutus script memory unit limit from 56 million to 62 million.

Cardano Jumps After Coinbase Debut ADA Strike

Cardano is recovering after news that Coinbase will allow users to put ADA on the air.

According to Wednesday’s announcement, Rupmalini Sahu, Senior Product Manager at Coinbase, said they were “focused on providing more ways for customers to earn crypto rewards.”

“Today, we are expanding our strike offering with Cardano (ADA) with plans to continue scaling our strike portfolio into 2022,” Sahu wrote.

Advertisement

&nbsp &nbsp

Cardano, the seventh largest cryptocurrency, is one of the most valuable cryptocurrencies in the crypto ecosystem, allowing users to wager their coins themselves or through a delegated wagering service. However, staking can be a task process, especially for users with little to no knowledge about the process. Therefore, it is necessary to offer such users a simpler and more practical solution for staking.

“With today’s launch, Coinbase provides an easy, secure way for any retail user to actively participate in the Cardano network and earn rewards.” read the announcement.

Users can now buy ADA on Coinbase or deposit their coins from an external wallet, nailing the estimated annual return for Cardano staking at 3.75% APY. The program that gives users complete control over their funds with the option to unsubscribe at any time also rewards users who lock their initial credit for 20 to 25 days.

Cardano, whose Total Value Locked (TVL) has now exceeded $400 million, the majority of which was through decentralized exchanges (DEXs), now ranks 4th in the staked value of all layer one networks.

The Proof-of-Stake (PoS) network has become a magnet for developers as it aims to become more scalable, sustainable and flexible through the deployment of extensive decentralized applications. Currently, the network hosts hundreds of DApps, games and millions of NFTs. Thus, staking has become one of the most important lifelines for the Cardano network as it secures the underlying blockchain and assets.

ADAUSD Chart by TradingView

ADA’s price is up more than 22% in the past 15 hours, adding to the week’s gains which are currently at 38%. At the time of writing, ADA is trading at $1.10 after breaking the $1 resistance level on Wednesday, a level proponents hope will be harder to revisit given the upcoming upgrades on the horizon.

Leave a Reply

Your email address will not be published.