Cardano recorded another milestone with total stake wallets reaching 608,391 out of 2,561 active tools.
According to data provided by Poltool, Cardano data collection tool, the total staked value of ADA is $42.93 billion, with 71.32% of the $60.2 billion supply.
Increased exposure of Cardano staking by various platforms marks a turning point for ADA. For example, iMining, a publicly traded Canadian company, recently included Cardano in its list of supported assets for staking services. With this involvement, iMining aims to introduce Cardano to institutional investors.
Additionally, in May, US-based cryptocurrency exchange Kraken also activated ADA staking. Betting through the Kraken Stake Wallet will make ADA available to more users.
This milestone adds to Cardano’s influx of growth from network growth and real-world usage in 2021. From January 1 to April 28, 2021, the number of ADA active addresses increased by 417.81%, while the number of transactions increased by 382.84% over the same period.
Cardano benefits from network upgrade
The Cardano network is going through upgrades with backers observing that it is a real competitor and could replace Ethereum. Notably, Cardano, a proof-of-stake platform, could gain an edge over Ethereum after it announced that its second-ranked cryptocurrency, Ethereum 2.0, has been delayed until late 2022.
In recent months, Ethereum has received criticism for its high fees and time consuming, and Cardano has emerged as an alternative. The release of Ethereum 2.0 aims to solve the shortcomings of the network.
Cardano continues to be the center of attention in cryptocurrency circles after blockchain achieved 100% decentralization for block generation. Also, Cardano got a real use case after signing an agreement with the Ethiopian government to streamline the country’s system through resource sharing.