dailyhodl.com
Smart contract platform Cardano (ADA) has reached a new milestone for the number of wallets ready to stake the sixth-largest crypto by market cap.
According to Cardano-tracking site pool.pm, there are now over one million ADA holders ready to stake their coins to earn rewards.
Users who hold ADA on the Cardano network have a stake in the protocol that corresponds to the amount of coins they hold. In turn, they can delegate their tokens or stake the digital assets themselves to earn rewards.
Cardano also has seen its number of active addresses rise over the last several months. According to data from analytics platform Messari, the number of active addresses on the network skyrocketed to 485,693 on November 22nd before falling to 150,476 on December 5th. The number of active addresses on the network hit its all-time high as ADA plunged below the $2.00 level.
The record number of wallets staking ADA comes on the heels of Cardano creator and Input Output Honk Kong (IOHK) CEO Charles Hoskinson’s prediction that decentralized exchanges (DEXes) could be coming to the sixth-largest crypto by market cap by the end of the year.
Cardano is exchanging hands at $1.32 at time of writing, a 23% decrease from its seven-day high of $1.72.