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Cardano adds over 200,000 new staking addresses in 3 months

Cardano adds over 200,000 new staking addresses in 3 months

The Cardano (ADA) ecosystem continues to reach new heights, with the platform’s native token ADA not long climbing to become the third most valuable cryptocurrency in terms of market capitalization.

In the midst of the growth, statistics from Pooltool, a Cardano data aggregation tool, show that ADA’s staking wallets are at 821,024 as of September 10, 2021. Since the June 3, 2021 figures, the platform has gained 212,633 wallets, up from 608,391 addresses, indicating a 34.95% increase in three months.

Whatsmore, the total ADA staked is valued at $57.57 billion representing 71.4% of the total coin supply as per the data aggregating tool.

ADA staking growing in popularity

The rise in Cardano’s total staked wallets comes before the much-anticipated Alonzo Purple update, which is set to take place on September 12. As Cardano’s network grows and real-world usage increases in 2021, the latest staking milestone adds to Cardano’s surge in growth.

Due to the Cardano August price surge, interest in keyword search ‘Buy Cardano’ on Google hit a 3-month high hitting a peak on August 22. At the same time, Tokyo-based Bitpoint became the first Japanese exchange to enable Cardano trading on August 25, following the clearing of regulatory barriers. 

It is also worth mentioning that Cardano staking has become more popular as a result of greater exposure from multiple platforms. For instance, iMining, a publicly listed Canadian business, has added Cardano to its list of supported assets for its staking services. In particular, iMining hopes to expose Cardano to institutional investors by adding it to its product line with this inclusion.

While the U.S.-based cryptocurrency exchange Kraken permitted ADA staking in May, giving a larger number of users exposure to ADA through the Kraken Staking Wallet.

Cardano (ADA) in the market 

Nevertheless, despite overtaking Binance native token (BNB) as the third-largest digital asset, ADA has recently suffered a significant collapse after reaching all-time highs in value.

Cardano 7-day performance. Source. CoinMarketCap.com

Currently, Cardano has a market capitalization of $79.4 billion at the current price of $2.49; it is now down 4.08% in the last 24 hours and 16.61% in the last seven days, according to CoinMarketCap.

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