Cardano Becomes Largest PoS Staking Network Replacing Polkadot, ADA Price Down 18% Now

Well, there are some major fundamental developments taking place in the Cardano (ADA) blockchain network. Over the last weekend, Cardano became the biggest staking network in the world toppling Polkadot.

As per the latest data from Staking Rewards, the Cardano blockchain network has nearly 69.5% of its circulating supply staked. This roughly means around 22 billion ADA coins worth $6.68 billion in staking. So far, Polkadot has enjoyed the status of the largest decentralized PoS network.

The Polkadot network has nearly 61.4% of the total supply staked at this stage. Interestingly, the third in line is Ethereum 2.0 with over $2.3 staked, however, it is only 1.53% of its total supply. Charles Hoskinson, the founder of Cardano’s parent company IOHK, acknowledged the development while calling Cardano the most-secure network.

Also the most secure https://t.co/Zfz31SDiTT

— Charles Hoskinson (@IOHK_Charles) January 10, 2021

Responding to Hoskinson, one of the Cardano fans Jake Nicholson said that this victory is well-deserved for Cardano. The user added:

“The UX for staking $ADA is light years ahead of DOT. At one point I staked $dot with my ledger, and I’m still trying to figure out how to view my balance. With $ada, I simply click on the yoroi extension. This is going to be a huge advantage w/newcomers to the space.”

Data observer Pieter Nierop notes that over 25 million ADA tokens have been staked for the last seven days. Also, 1500 new delegators joined the network during this time.

Cardano (ADA) Price Jumps on Weekly Chart

The price of Cardano (ADA) cryptocurrency surged over the last week. On Sunday, January 10, ADA was trading at a price of $0.33 with nearly 60% gains in a week’s time. Also, it has been a great start to the year 2021 for all Cardano (ADA) investors.

ADA price surged all the way from under $0.20 to above $0.35 with its market cap topping all the way up to $10.7 billion. Xurrently, ADA is the seventh-largest cryptocurrency by market cap ranking above Polkadot and Chainlink.

Due to the wider crypto market correction earlier today, ADA price has tanked over 18% as of writing this story. At press time, Cardano (ADA) is trading at a price of $0.27 with a market cap of $8.5 billion.

The Cardano developers have been also working on introducing the DApps features to the platform for some time. This is likely to come with the upcoming Goguen mainnet launch in February-March 2021. This will bring Cardano closer to Ethereum.