Cardano (ADA) Ranks 4th in Staking Value Among Top L1 Blockchains
“$ADA @CardanoStiftung ranks 4th by Staking Value among popular layer1 blockchains. Nearly 3/4 $ADA coins are being locked. As numbers can’t lie, we see a strong belief for #Cardano ,” Cardano Daily tweeted.
Cardano has a staking value of nearly $29 billion which represents 71.73% are eligible for staking. Leading blockchain platforms Ethereum has a staked value of $31.3 billion while Terra has a staking valuation of $29.7 billion respectively.
What Fueled ADA's Staking Value?
Several developments have contributed to ADA’s dominance in staking valuation. For instance, crypto exchange Coinbase, introduced ADA staking on its platform last week with an annual return of 3.75% to be distributed every five and seven days.
Earlier last week, Grayscale Investments also introduced a smart contract platform fund for its institutional clients which included Cardano (ADA) platform.
These developments pushed the volume of Cardano staked by over 70% in a single day. At the time of writing, Cardano (ADA) is currently trading at $1.19, up 4.7% from the past 24 hours, according to data from CoinGecko.