In anticipation of the launch of the Cardano smart contract, over $31.07 billion in ADA has been staked on the network.
The quantity of ADA staked accounts for more than 71% of the token’s entire supply.
More than $31 billion in ADA has been staked ahead of the introduction of the Cardano Alonzo smart contract. Since Cardano’s announcement earlier this year, the crypto community has been anticipating the introduction of the anticipated hard fork, Alonzo. The long-awaited hard fork is on the horizon, with preliminary plans indicating a launch in August.
Over 70% of ADA has been staked in the Cardano Alonzo smart contract launch.
ADA investors have staked $31.07 billion, or 71.29 percent of the total coin supply, according to Cardano PoolTool. Furthermore, since Cardano passed the 600,0000 address milestone in early June, ADA staking addresses have increased dramatically in the last month. Furthermore, according to PoolTool, the total stake addresses have climbed by more than 11% to 670,125. Furthermore, the whole stake is divided among 2,665 active pools.
On the other hand, the ETH 2.0 network now has 5,946,466 ETH staked. The staked ETH is worth $12.5 billion at the current ETH price of $2,118. With the release of ETH 2.0, the Ethereum network will transition from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism. The Ethereum network will experience a boost in performance as well as a reduction in gas expenses when ETH 2.0 is released. One of the issues facing the ETH, according to a survey report, is gas fees:
Scalability and high gas costs are among the top three issues preventing widespread DeFi adoption, according to 45 percent of systems based on Ethereum.
Ethereum vs. Cardano
While Ethereum is attempting to transition to the PoS model, Cardano is already based on it and has a strong technical foundation. Cardano also addresses many of the Ethereum blockchain’s most pressing scalability and transaction processing issues.
Cardano also appears to be competing with Ethereum by developing a new converter that allows ERC20 tokens to run on its PoS network. In a news statement issued in May, Francisco Landino, the Commercial Project Manager of Cardano’s parent firm Input Output Global (IOHK), claimed that the Cardano ERC-20 converter was ready for launch. The converter, according to Landino, will entice many Ethereum engineers to join the Cardano network.
The Cardano ERC20 token converter will be used for SingularitNET for the first time, and the converted token will be called “AGIX.” To utilize the converter, users must first log into their ERC-20 converter account, pick a token, and enter the amount they want to convert. They must then migrate the token by specifying a specific Cardano address. Users can utilize the tokes for payments and other transactions from the Daedalus wallet after the migration is complete.
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