Cardano News; According to data obtained by Cardano data collection platform Pooltool, Cardano (ADA) has added over 50,000 new staking addresses and increased the total number of staking addresses by more than 8% in less than a month.

 

 

ADA’s total number of staking wallets reached 608,391 from 2,561 active pools at the beginning of June, marking the turning point for the platform.

Recently, the Proof-of-Stake blockchain platform has received a lot of attention when it announced that Cardano founder Charles Hoskinson plans to publish a research paper on algorithmic stablecoins in the coming weeks.

Cardano interest on the rise

Hoskinson’s announcement was one of the factors that contributed to the massive growth of ADA, the native cryptocurrency of the blockchain, in 2021. Cardano CEO stated that the algorithmic stablecoin research paper could be published in a few weeks.

Cardano surpassed Coinbase by market cap. In addition, the project surpassed Vodafone by 0.9 billion dollars in Roblox market value.

Cardano explained that by pegging the system’s currency collection, it tries to establish baseline pricing for transactions and explores the viability of ‘Stablefees’. According to Cardano, the inclusion of Stablefees aims to provide fair and predictable transaction pricing.

El Salvador talks

On the other hand, Cardano CEO has contacted authorities and political parties in El Salvador and may have a meeting with Nayib Bukele soon.

Charles said on the subject:

They have expressed their interest in digitizing the country and moving beyond legalizing Bitcoin. So we will understand this better in the next 2-4 weeks.

If these conversations and negotiations result in something more tangible, it will be a big deal for Cardano and its ecosystem. In Cardano’s collaboration with the Ethiopian Government, the application of a blockchain-based student and teacher identity system to verify grades is also an example of the collaborations Cardano has achieved.

In a recent interview with popular AI researcher and YouTube podcaster Lex Fridman, the tech entrepreneur once again stated that for the humorous cryptocurrency Dogecoin to exist in the long term, it requires extensive code rewriting. However, the Ethereum co-founder expressed that Dogecoin is open to cooperation with the Cardano team in the future.

Cardano (ADA) follows BTC

ADA and most of the market has been on a downtrend lately, there is thought to be a correlation between ADA and BTC. It rose from $0.29 to $0.62 last week; There was an increase of 113 percent. This rise shows that the price of Bitcoin is affecting the price of Cardano.

Despite the sharp correction in the crypto market, the open source project is growing rapidly; With a lot going on for the public blockchain platform, time will tell whether the number of people staking the digital asset will increase.

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