One user on X, @JaromirTesar, cites statistics from Messari to show that more Cardano (ADA) investors are prepared to stake their assets, contributing to network security and earning staking rewards, even in the face of the negative impacts of the cryptocurrency bear market on price and activity.
Increased Delegators Are Staking ADA, and Trust Is High
About 250 holders of ADA have chosen to stake their coins every day for the previous year, according to a snapshot shared by the user on November 1. There were 1.31 million delegators at the end of Q3 2023, compared to 1.22 million at the same point in the previous year.
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This indicates that ADA holders are undeterred by the current volatile state of the cryptocurrency market and opt to lock their coins rather than switching to stablecoins like USDT or Bitcoin (BTC).
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The Input Output Global (IOG) team behind Cardano asserts that its proof-of-stake (PoS) consensus mechanism is more efficient and scalable than previous consensus models, such as Bitcoin’s proof-of-work (PoW).
Stake Pool Operators (SPOs) are responsible for verifying a block of ADA transactions in Cardano, and they get rewarded at the end of each epoch.
Miners are no longer needed thanks to SPOs. Cardano is a decentralised platform because everyone with a wallet may participate in the consensus process. Staking incentives are available to ADA holders who delegate their coins through their preferred validator in lieu of running SPOs.
More Participants, What Will Happen To The Price Next?
There are 2,888 SPOs with stake as of November 1st, which means they oversee ADA on behalf of delegators. By the end of Q3 2023, there were 1.31 million unique delegators, which was a rise over the previous year.
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The percentage of ADA that is actively contributing in consensus and maintaining the network’s decentralisation is 65.33%. Nevertheless, compared to 71.57% in Q3 2023, this is a decline. There has been a decrease in the active stake from 25 billion ADA in Q3 2023 to 22.9 billion ADA. Trackers indicate that 35.2 billion ADA are now in use.
Even with ADA holders’ optimism, prices are somewhat muted. The currency is still moving down than its maximum point of around $0.37 from July 2023. Nevertheless, prices have been rising, surpassing the October high of $0.27.
A closing over $0.40 would allow ADA to rise further, perhaps reaching highs of $0.46 in 2023. On the other hand, a sell-off from market pricing may bring the currency closer to its $0.24 bottom from 2023.
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