Cardano (ADA) has more than 50,000 new staking addresses, reaching the milestone of 650,000 addresses. Charles Hoskinson announced that he plans to travel to El Salvador, so the cryptocurrency could soon arrive in that country.
Currently, 659,172 addresses are betting on Cardano’s native cryptocurrency ADA and 2,647 active staking mining pools, according to data from Pooltool. The staked funds are worth USD 30 billion, representing 71.27% of the total supply of ADA.
That number of addresses represents an increase of more than 8% after having exceeded 600,000 active staking addresses. Various media have reported that the network had reached a total of 608,391 wallets and 2,561 mining pools.
The staking process is an alternative to traditional cryptocurrency mining but with fewer resources. A user can acquire cryptocurrencies and keep them locked in a wallet to receive profits or rewards. That means that more people are using their ADA funds as collateral to secure the project as they look for long-term performance.
Although the number of addresses betting on their ADA funds has increased considerably, the value of those tokens has decreased. At the beginning of the month, the figure was USD 43 billion, but the percentage of the total supply of ADA has not changed.
The recent drop in the price of Cardano led to that difference in its value in US dollars. It has gone from USD 1.7 to USD 1.30 in the last 30 days.
Cardano Is Becoming the Center of Attention
Cardano reaches that milestone in the face of a boom while it has been debuting on various platforms.
Publicly traded Canadian cryptocurrency company iMining backs ADA for its staking mining services. US exchange Kraken has already announced a staking service for ADA. Besides, the cryptocurrency has attracted attention after renowned exchanges such as Coinbase have listed it.
This cryptocurrency is in the middle of the blockchain scene in the wake of multiple announcements of technological development. In recent days, Hoskinson reported that his company plans to publish an article on algorithmic stablecoins soon.
There have been various improvements and advancements to the project, such as the arrival of smart contract functionality to the Cardano network. They have seen ADA and its blockchain platform grow considerably in 2021. While the AlonzoBlue 2.0 update is already on the testnet, the Alonzo hard fork will occur in September.
Hoskinson Is Planning to Travel to El Salvador
Cardano founder and Ethereum co-founder Charles Hoskinson recently announced that he plans to bring the project to El Salvador soon. The Central American country will become the first country in the world to adopt Bitcoin as legal tender. For that reason, several ecosystem leaders have shown their interest in participating in that historic initiative.
Hoskinson revealed that the Cardano team has spoken with the authorities and political parties in El Salvador. For that reason, he believes that there could be a new alliance with that country and does not rule out a meeting with Nayib Bukele.
By Alexander Salazar
