[ccpw id="39382"]

HomeCrypto NewsMarketTotal Cardano (ADA) Staked Spiked Over 72% In One Day, Find Out Why?

Total Cardano (ADA) Staked Spiked Over 72% In One Day, Find Out Why?


Written By:

Cardano (ADA) Total Value Staked Spiked Over 72% In One Day.

Cardano enthusiasts have continued to show faith in the cryptocurrency project, as billions of ADA coins get staked in the past day. 

Over the last 24 hours, the volume of staked ADA coins across various protocols has surged tremendously by more than 70%. 

At the time of writing this line, the data from datastudio shows that Cardano’s stake is up 72.15% in the last 24 hours, with no clear indication of where the recent activity is coming from. 

This [ADA] staking could be [from] either a country/company/hedge fund/investment fund or a very rich individual investor, since the increase is of about 1.5 bln ADA,” according to Cardano Blockchain Insights

Why the Sudden Surge in Staked ADA

Although it is not clear what could have led to the massive surge in staked ADA volume, a certain event occurred in the last 24 hours that made many people point fingers at where the source came from. 

The majority of traders attributed the spike in staked ADA to newly-launched smart contract funds by Grayscale Investments. 

Yesterday, Grayscale announced the launch of a fund that will give its clients exposure to selected leading smart contract platforms like Cardano and ADA. 

The investment vehicle, which is solely designed for institutional clients, seems to have lured some high net worth investors who see it as an opportunity to delve deeper into the eight-largest cryptocurrency by market capitalization. 

ADA TVL Surge on Cardano DEX

Meanwhile, the total value locked (TVL) on Cardano across the six decentralized exchanges on the platform is also experiencing significant growth.

Data on DefiLlama shows that staked ADA across Cardano exchanges is up 7.40% in the last 24 hours. 

So far, a total of 317.01 million ADA, representing $309 million, have been locked across four out of the six decentralized exchanges on Cardano mainnet, including Minswap, SundaeSwap. 

While SundaeSwap led at the initial stage of its deployment, the exchange has been overtaken by Minswap, which currently has a dominance of 61.58% among DEX on Cardano. 


Follow Us on Twitter and Facebook.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

More from Author