Cardano (ADA), a proof-of-stake, community-based blockchain platform reaches another milestone, as the total number of its staking addresses passed the 650,000 mark. The fifth most valuable platform-cap is based on peer-reviewed researched and has been developed through evidence-based methods.
The past three weeks have been eventful for the fifth largest crypto-currency in terms of market capitalisation. During this period, it has added over 50,000 new staking addresses. An increase of more than 8% since the beginning of June 2021, when ADA announced its latest milestone, exceeding 600,000 staking addresses.
Based on the data, this recent influx brings ADA’s current total of staking addresses to more than 662,000, at the time of the announcement. There are also 2,656 active mining pools. At this date, the data also shows that staked funds amount to $29 billion, or 71% of the total supply.
The milestone is unsurprising as the interest in ADA has steadily grown in the past months. The Cardano Foundation announced that they hit 1 million wallets in May 2021. with new wallets being made even on days where there are price drops. The project also boasted a 400% gain between February 2020 and February 2021.
ADA looks at El Salvador
El Salvador has just made history this month by becoming the first nation in the world to legally adopt a crypto-currency, namely bitcoin (BTC), as its legal tender. Cardano founder Charles Hoskinson has since hinted that the country may adopt ADA in the same way.
In a recent live YouTube broadcast, Hoskinson disclosed details about the potential adoption of ADA in El Salvador. More specifically, he said that his team was in discussions with the country’s authorities.
What else is next for Cardano?
Apparently, a lot, with over 100 commercial projects in the pipeline. One of these projects includes exploring the possibility of a predictable and fairly priced collection of currencies called “Stablefees”.
True to it’s values, Hoskinson also announced plans to publish a research paper on algorithmic Stablecoins, a digital currently linked to an underlying asset. The strategic move agrees with the Foundation’s growing popularity and amelioration in the community, which has also positively impacted ADA’s price.
Seemingly, all signs point up for Cardano!
By Ayoub Khirane & Leena Dupart