Cardano is the network with the highest proportion of its circulating supply staked, and it has not relinquished this title. The Total amount of ADA on the cardano network has reached an all-time high. Cardano’s community is home to long-term investors rather than those looking to profit from the market in the short term. This means that the majority of investors have staked their coins on the platform to act as validators for its proof of stake mechanism.
Since the announcement of smart contracts capability in September, the blockchain has grown in popularity. Several partnerships and initiatives aimed at improving network usability have been announced since then. This strategy appears to have paid off, as Cardano’s total circulating supply reached an all-time high this week.
Total Amount of ADA Hits 73% Of Supply
On Thursday; Cardano saw the total ADA staked on its network reach a high of 73.15 percent; an impressive figure when compared to the number of coins staked on its direct competitors. The network had a total of 23.9 billion ADA staked across 921,323 delegators at this point. The total circulating supply of ADA coins is only 33.26 billion coins; which means that only about 10 billion are not staked.
This reflects the growing trust in the project’s future; which some in the space have claimed to be the blockchain of the future. The coins in Cardano’s staking network are not locked in place, which is an intriguing fact. Unlike Ethereum, ADA holders can still transfer their staked coins if they want to sell them. However, a sizable portion of its community has chosen to stake, demonstrating its holders’ faith in the project.
Cardano Performance In The Market
Cardano has not fared well in the crypto market, despite its impressive new partnerships and projects. The altcoin has not followed bitcoin’s rising trend in recent weeks, leaving ADA struggling to keep its value above $2. Short-term forecasts for ADA are also generally bearish, owing to the digital asset’s lagging momentum.
ADA has experienced significant volatility in recent months; with the altcoin falling below $2 for the first time in over a month on Wednesday. Following the crash, the price of the digital asset quickly recovered. The damage, however, had already been done. ADA’s recent loss of steam became even more apparent as the price struggled to stay above $2.01.
Forecasts for the asset remain bleak, particularly now. Cardano’s price could very well retest $1.7 before this cycle is over; as it has not yet rallied with the rest of the market alongside bitcoin.
At the time of writing, the digital asset’s price is trading at $2.02; following a small recovery from its drop below $2. Cardano is rank fifth in the cryptocurrency top ten, with a market cap of $67 billion.
Source: Newsbtc