By Shelly Melancon (Switzerland)
50,000 new stakers joined Cardano (ADA) staking pools taking the total number of addresses early this month from 608,391 to 658,965 addresses. According to the data released in Pooltool, the increase in the stakers occurred in not up to a month. This new number marks a moment of history for the platform. Cardano is built on a Proof-of-Stake consensus algorithm that confirms transactions through validators who have contributed their assets to staking pools.
The current number of stakers was pooled from 2,561 active staking pools. Before the increase, the cumulative staked value in the said pools amounted to $42.93, which added up to 71.23% of the $60.2 billion total supply. Lately, Cardano has been on the frontline with proposed projects lined up for this year. Earlier this year, the firm had hinted at releasing a smart contract (Plutus) that would enable decentralized applications (DApps) to run on them.
Cardano Begins Smart Contracts in June
Cardano released the first testnet (Alonzo Blue) for the smart contract this month. Charles Hoskinson said the testnets would span four months– from June to September. However, he announced at one of the firm’s that the Cardano community should not raise their hopes too high. The Plutus smart contract would enable functionalities such as non-fungible tokens (NFTS), liquidity provision, staking pools, and decentralized exchanges (DEXs).
Also read:Charles Hoskinson announced recently that Cardano would publish a report which contains a blueprint on algorithmic stablecoins in a few weeks. Although he revealed that the firm is looking at the idea of Stablefees, which will be geared towards establishing a basic fee for transactions all in a bid to make transaction costs on the blockchain fair and predictable. The myriad of ongoing and proposed projects has seen the cost of ADA leap from $0.41 to an all-time high of $2.4 at the beginning of the year before the May costcrash. The costis currently at $1.3. With predictions for a bull run in July, the cost of the coin could skyrocket to as high as $5.
Cardano CEO Broaches El Salvador Partnership
Hoskinson had further hinted at negotiations between the firm and El Salvador, which recently enacted a Bitcoin law. Perhaps it could be a meeting to dialogue on the way forward following its Bitcoin adoption, just as the World Bank and International Monetary Fund had refused offering any assistance to the Latin American country.
Tokenhell had earlier reported that Hoskinson advised Elon Musk to create value for popular meme-based token, Dogecoin on which he said he would be open to any form of collaboration between the token and ADA. Meanwhile, Cardano has partnered with the Ethiopian government to introduce a blockchain-based student and teacher identification structure for validating grades.
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