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HomeNewsCardano ecosystem explodes with thousands of different staking wallets and outperforms Ethereum

Cardano ecosystem explodes with thousands of different staking wallets and outperforms Ethereum

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  • Cardano attracts more stakers than Ethereum, according to Charles Hoskinson, the founder of the Cardano ecosystem.
  • The number of unique addresses invested in staking Cardano was at a high of 1,234,810 while Ethereum has only 88,400.

Staking has grown in popularity over the last year, especially with Ethereum’s dive into proof-of-stake [PoS]. However, despite Ethereum’s large-scale developments, Cardano continues to attract more investors.

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Charles Hoskinson, the founder of the Cardano ecosystem, revealed on Twitter that the number of unique wallets participating in staking was much higher than that of Ethereum. He even lauded the network and called it “pretty special.” Hoskinson has commented on staking in the past, noting how Ethereum’s staking was “a lot like regulated products.” He took a dig at how Ethereum investors had to wait to withdraw their staked funds, saying that “Locking funds, encouraging centralization, and poor protocol design hurts the whole industry.”

According to the tweet, the number of unique addresses invested in staking Cardano was at a high of 1,234,810 while Ethereum had only 88,400. However, according to Staking Rewards, ETH was leading the game with its staking market cap of $33.99 billion. Cardano was just below with a market cap of $9.2 billion. In terms of rewards, ETH remained on top with 4.92%. ADA’s rewards were at 3.24%. Cardano is proving to be great competition for Ethereum with its staking ratio of 68.11%, while ETH’s ratio is only 15.6%.

Despite the recent rally in the cryptocurrency market, Ethereum and Cardano have suffered slight setbacks. Ethereum, at press time, was trading for $1,775 with a 2.22% daily drop. Cardano followed suit and was plummeting by 2.40%. The altcoin was priced at $0.378.

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The Ethereum network is eagerly awaiting its highly anticipated launch of the Shapella upgrade. Staking withdrawal requests, approximately 24 hours after Shapella is released, will reportedly be carried out on exchanges. This is expected to take place on April 12, 2023. Many speculate that this upgrade could further push the asset back above $2,000.

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Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
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