Cardano Founder Reacts As Number of ADA Staking Wallets Surpasses Ethereum.
Cardano beats Ethereum in the number of unique staking wallets.
Charles Hoskinson, the founder of Cardano, has heaped praises on the leading blockchain following its massive surge in the number of addresses participating in staking.
In a tweet shared by Hoskinson today, the number of unique staking wallets on the Cardano Network surpasses Ethereum’s by a large margin. According to data shared by Hoskinson, the number of unique addresses staking on Cardano now sits at 1,234,810 (1.23M). where the number of unique staking participants’ wallets on the Ethereum blockchain is 88,400.
Commenting on the feat, Hoskinson said Cardano is “pretty special,” adding:
“It’s almost like many people thought about how to build an excellent staking protocol years ago and made it happen.”
Cardano achieved the feat days after crypto news outlet Cointelegraph published a false report about the ADA staking initiative. Last week, Cointelegraph reported that certain risks are associated with ADA staking, which includes high transaction fees, possible loss of funds that may arise from the negligence of pool operators, etc. This did not sit well with Hoskinson, which prompted his reaction.
Following the tremendous surge in the number of staking wallets on Cardano, it is evident that investors’ confidence in ADA staking is relatively high.
Cardano Beats Ethereum in Staking Ratio
To confirm the authenticity of Hoskinson’s claim, The Crypto Basic analyzed data from the cryptocurrency analytics platform Staking Rewards. According to the data, Cardano has a staking ratio of 68.11%, while Ethereum’s staking ratio is 15.6%, meaning that 68% of Cardano’s total supply is staked compared to only 15% of Ethereum. Consequently, the number of ADA coins staked is more than 4X higher than that of ETH.
However, Ethereum still leads as the largest proof-of-stake blockchain by capitalization, with a staking market cap of over $34.53 billion. In contrast, according to data from the Staking Rewards portal, Cardano is ranked second with a staking market valuation of $9.65 billion. ETH estimated rewards per year are 4.88%, whereas Cardano’s per year rewards are 3.24%.
Cardano Retail Investors
Meanwhile, ADA retail investors have been relatively active in recent times. According to IntoTheBlock data from Cardano-focused news outlet Cardano Feed, retail investors now hold 22.63 billion ADA, representing 66.73% of the cryptocurrency’s supply.
🔥 BREAKING: Retail investors hold 66% of the $ADA supply. This shows a strong belief in the asset and its growth potential.
Source: @intotheblock pic.twitter.com/lauec0Gejm
— Cardano Feed ($ADA) (@CardanoFeed) April 2, 2023
For context, ADA has a total supply of 45B tokens and a circulating supply of 35.04B. ADA is ranked as the seventh-largest cryptocurrency, with a market cap of over $13.91 billion. At press time, ADA is trading at around $0.39, up 4% in the past 24 hours.
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.