Staked ADA Now $30 Billion as Alonzo Testnets Progresses
Indicating an exciting buildup to the actual launch of the Alonzo testnets, over $30billion worth of Cardano (ADA) has now been staked in anticipation of the smart contract capability on the blockchain. The Alonzo smart contract testnets will pave the way for a broader use of the network and a spike on the price of the crypto asset in the coming months.
According to Input Output Hong Kong, the Alonzo mainnet launch will be launching by September. The testnets will span four months before the actual launch. IOHK had begun testing for a smart contract functionality on the network in late May, leading to an announcement in early June that Alonzo is now able to run smart contracts.
However, the first testnet (Alonzo Blue) is open to only a few of IOHK’s partners, according to the firm. Cardano’s founder, Charles Hoskinson had commented on the development, saying it was a milestone for the network and that the Cardano community should not raise their hopes too high despite the event. On the other hand, ADA investors are optimistic that the turn of events would contribute to a looming uptrend in the asset’s price.
Over 50,000 New Addresses Join ADA Staking Pools
Tokenhell had reported last month that over 50,000 new staking addresses joined about 2,651 active ADA staking pools taking the total number of staking addresses from 608,391 to 658,965. Pooltool’s data puts the total amount of assets staked in the pools at $42.93 billion representing over 71% of the $60.2 billion circulating supply. The increase is an indication of high expectations from ADA holders in view of the numerous projects lined up for improvement on the network. Alonzo will enable functionalities such as non-fungible tokens (NFTS), liquidity provision, staking pools, and decentralized exchanges (DEXs).
Cardano CEO Hints at ‘Stablefees’
Charles Hoskinson revealed in a separate development that a research report which discussed the concept of ‘Stablefees’ on the network will be released. He hinted at creating a fair and predictable cost for transaction fees on the network. It is likely that this will be integrated into Alonzo to encourage more activities. ADA’s counterpart, Ethereum struggled in the past with high gas costs, which seem to have been addressed, anyways. ADA is trying to avoid related issues, hence the concept of a stable fee.
Currently, Cardano (ADA) ranks as the fourth-largest cryptocurrency in relation to market cap. Industry data also reveals that ADA has the highest staked value, leading Ethereum, Solana and two others. While the Alonzo testnet is ongoing, Cardano has offered to collaborate with El Salvador to bring its Bitcoin dream to reality and incorporate ADA into the country’s economy. ADA is currently trading as $1.30 after an all-time high of $2.41 in May.
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