Staked ADA on Cardano Reaches New All-time High

by in Cryptocurrency News

Cardano ADA staking

The Cardano blockchain is the leading network by the volume of staked tokens. Currently, 74% of the protocol's native token ADA, worth $33.2 billion is in circulation. Around 73.15% of this amount is staked.

Related: Cardano-Based First Stablecoin Issued by COTI

The numbers show that ADA holders mainly use the token for long-term investment purposes rather than for making a quick profit.
Most investors stake their tokens to become validators and participate in the proof of stake consensus mechanism.

On September 13, the Alonzo upgrade of Cardano went live, allowing the creation of smart contracts. After the fork, the number of projects partnering with Cardano has increased significantly.

On October 29, Cardano-based DeFi stablecoin protocol Ardana raised $10 million in the seed investment round led by a hedge fund manager Three Arrows Capital and an investment firm focused on digital assets Ascensive Assets.

ADA is the fifth largest crypto with a market cap of $66.2 billion. Currently, the token trades at around $1.99, 35.7% down from its all-time high of $3.10 reached on September 2.