Cardano added more than 50,000 staking addresses in recent weeks, and Hoskinson announced plans to visit El Salvador to boost the use of the platform in that country.
Cardano (ADA) has added more than 50,000 active staking addresses in the past three weeks, reaching a milestone with just over 650K staking addresses. Meanwhile, the world's fifth-largest cryptocurrency could soon arrive in El Salvador after founder Charles Hoskinson announced plans to travel to the Central American nation.
50,000 new staking addresses
According to Pooltool data, the number of addresses staking Cardano ADA has totaled 659,000 and 2,647 active staking mining pools. Total staked funds are worth $30 billion as of writing, representing 71.27% of ADA's total supply.
The number of addresses also represents an increase of just over 8% in recent weeks. On June 3, Cardano broke a record by surpassing 600,000 active opt-in addresses for the first time. As reported by various news outlets at the time, the network had reached 608,391 wallets with 2,561 active pools.
The staking (or participation) process can be conceived as an alternative to traditional cryptocurrency mining but using a minimum amount of resources. It consists of a user acquiring cryptocurrencies and keeping them locked in a wallet to receive profits or rewards. In this case, it means that there has been an increase in the number of people who have their ADA funds as collateral to secure the project while seeking long-term returns.
While the number of addresses betting on their ADA funds has increased considerably, the total value of tokens put up as collateral has dropped in recent weeks. At the beginning of the month, the figure was valued at $43 billion, although there has been no change in percentage terms relative to total ADA supply.
Cardano is in the spotlight.
The milestone comes amid a boom for Cardano, which has been debuting on several platforms recently.
Canadian-listed iMining recently included ADA in its list of supported assets for its equity mining services. Previously, U.S.-based exchange Kraken had also announced a staking service for ADA. The cryptocurrency has also attracted attention after being listed by renowned exchanges such as Coinbase Pro.
Cardano's multiple technology development announcements have also put this cryptocurrency at the center of the table in the Blockchain scene. A few days ago, Hoskinson reported that the platform plans to publish a research paper on algorithmic stablecoins in the coming weeks.
The project's various improvements and advancements, including the long-awaited arrival of Smart Contract functionality to the Cardano network, have seen ADA and its underlying Blockchain platform see tremendous growth this 2021. Developers launched AlonzoBlue 2.0 on the test network, and they expect to deploy the Alonzo hard fork later in September, thus activating Smart Contracts.
Hoskinson plans to travel to El Salvador.
In other recent Cardano-related news, Hoskinson announced that he has plans to bring the project to El Salvador. El Salvador became the first country to give Bitcoin legal tender status. Later several leaders in the crypto space have expressed interest in learning more about and participating in the historic initiative. Among them, Cardano founder and IOHK CEO Charles Hoskinson have not been far behind.
During a live broadcast, Hoskinson said that the Cardano team neared El Salvador authorities and political parties and hopes to visit the country soon. The talks could mean a new alliance between Cardano and the Central American country, and the community does not rule out a meeting with President Nayib Bukele.
They have expressed interest in digitizing the country and going beyond the simple legalization of Bitcoin. Therefore, we will have a better idea of it in the next 2 to 4 weeks.
An agreement with the Salvadoran government could give a new boost to Cardano's growing ecosystem within the South American region. The technology development company behind Cardano, IOHK, already deals with Ethiopia to help digitize the identification process in 3,500 schools across the country.