Cardano (ADA) Passes Polkadot (DOT) As Largest Cryptocurrency Staking Network

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Cardano (ADA) Passes Polkadot (DOT) As Largest Cryptocurrency Staking NetworkStaking Network

Staking is grabbing attention across the crypto market, with investors looking to cash out on greater returns. With the staking sector growing significantly, it appears that Cardano (ADA) is making the most waves in the industry.

Mopping up the Staking Market

According to data from Staking Rewards, Cardano now has an impressive 69 percent of its ADA tokens staked. These figures surpass the former leader, Polkadot, which had 60.87 percent of its supply staked.

Reacting to the news, Jake Nicholson, the founder of the IOHK Foundation (Cardano’s developers), compared the blockchain to Polkadot. In a tweet, Nicholson said:

“The UX for staking $ADA is light years ahead of DOT. At one point, I staked $dot with my ledger, and I’m still trying to figure out how to view my balance. With $ada, I simply click on the yoroi extension. This is going to be a huge advantage w/newcomers to the space.”

Cardano isn’t the only staking network breaking grounds in the staking sub-sector. Last week, it was reported that Ethereum 2.0 staking on Kraken had hit an all-time high. Citing data from Jeremy Welch, Kraken’s Vice President of Product, it was confirmed that the exchange’s users had staked over $1 billion in ETH.

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