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.
Total ADA staked jumps to 72%. This jump is caused by a massive purchase / staking of unknown origins. This could be either a country / company / hedge fund / investment fund or a very rich individual investor since an increase is of about 1,5 bln ADA.https://t.co/PBNylosKkF pic.twitter.com/dJPBQ5ZNqt
— Cardano Blockchain Insights (@InsightsCardano) March 22, 2022
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.
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