Cardano (ADA) retains its spot as the most ‘staked’ crypto |
Cardano (ADA) retains its spot as the most ‘staked’ cryptocurrency. The total amount of ADA staked by investors in the Cardano blockchain in the first quarter of 2018 reached a record 5.3 million, while the number of investors staking ADA tokens in the Cardano blockchain on the Counterparty platform increased to over 7,000. The number of ADA transactions in the Ethereum network reached 5,000.
The Cardano (ADA) community has made a big deal about the fact that the project is being ‘staked’ by some. But what do ‘staked’ mean, and is it always a good thing?
Data from research platform Staking Rewards shows that Cardano is the most value backed blockchain in the cryptocurrency space.
Cardano currently has $29.7 billion deployed on its network. The closest token, Ethereum, is worth considerably less, at $12.3 billion.
strike projects @StakingRewards on Twitter.com
However, the cost of surgery is a somewhat one-dimensional measure without regard to price. Cardano’s consistent pricing has kept it at the top of the rankings.
Cardano performed well during the fall of.
As cryptocurrency markets approached a local high in April, data from analysis firm CryptoDiffer showed a similar story.
@CryptoDiffer on Twitter.com
At that time, Cardano also led the list of stackablecoin chains, with $29.85 billion worth of stackablecoins. It is followed by Polkadot with $25.43 billion. While Ethereum was far behind in fifth place with $8.61 billion.
But now, according to Staking Rewards, Polkadot and Ethereum have swapped fortunes.
Comparing the two sets of data, we can see that Polkadot’s value has fallen by 60% since mid-April, losing its position as the second highest bidder on the chain.
Price analysis, or more accurately price elasticity, can explain this change in ranking. The value of the bet is calculated by multiplying the chip price by the number of chips placed.
The DOT concluded at 19. April for just under $35. However, during the recent recession, the DOT failed miserably and showed little willingness to restore prices to pre-recession levels. Today the price of DOT is about $14, or 60% less.
The DOT’s price cap is part of the reason for the decline in polka dot betting prices.
On the other hand, the ADA award on the 19th. April at about $1.20. The decline was relatively mild, there was even a short uptrend with higher lows after the FUD. The price of ADA is slightly higher today, at $1.25, than it was about two months ago.
ADAUSD at TradingView.com
Ethereum is one to keep an eye on
Betting on Ethereum has a number of challenges. First, under the current criteria, the minimum bet is 32 ETH, which at current prices excludes most users.
There is also the problem of indefinitely closed depots. Consensys developers say users will be able to remove the ETH they provide from the beginning of the second phase of ETH 2.0. But the timing of this is uncertain.
Since stacking became available on Ethereum, stacking pools and exchanges have begun offering stacking services that circumvent the above objections. On Binance, for example, users can place a minimum bid of 0.1 ETH, and they also offer a derivative token, BETH, which offers some flexibility in terms of exit.
The threat to Cardano’s style crown is twofold. First, as more and more people use stack pools and exchanges to bet on Ethereum. And second, because the second phase of ETH 2.0 is approaching.
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