There has been relative activity in the Cardano network following the significant increase in the amount of the native Cardano token, ADA, dumped into its staking site in just 12 hours.
Undoubtedly, the large influx of ADA that moved into the 23 new pools is, by rough estimate, up to $1.4 billion as of this writing. According to the data released from the Cardano analytics platform that tracks pools, pool.pm.
Worth mentioning is that each pool holds a stake of about 62 million tokens, and the percentage of the tokens staked is more than 73%. This is an impressive performance when taking into consideration the development of DeFi.
According to pool.pm, the newly developed 23 Cardano pools with 1.5 billion ADA might be from Bison Trails, a Coinbase acquired firm.
Introducing the Staking Pool
A major thing to highlight when discussing staking pools is that individuals can create pools without staking on the conventional crypto exchange platform.
Anyone is free to develop a new pool so long as there is a sufficient number of ADA tokens in their wallet and the coins are sufficient to meet the maximum demand of the activity.
Interestingly, people are free to allocate a certain amount of ADA tokens to a pool of their choice until it reaches the point where the pools cannot contain more. However, to establish an incentive pool, a person must, before qualifying, create blocks to be considered. More importantly, interested parties are to make accurate decisions to reduce the loss of their ADA coins.
Total Stake in Cardano Rose to $300 Million
As of March 22, the value of the Cardano network climbed to $300 million. With the increasing total value locked alongside the Vasil Hardfork, which was announced to be effective June 20, 2022, several industry observers forecast the growth of the Cardano DeFi space in the coming years.
The total value locked for the Cardano network assets currently stands at a whopping $303.73 million, a significant rise of 10% in the past 24 hours.
As the largest digital asset with the most versatile Proof-of-Stake, Cardano is leading the PoS ecosystem as the most performing network, having surpassed many expectations.
Moreover, the total value locked for Cardano has been consistently on the rise since the beginning of the year, following a painful and lengthy period of underperformance. Cardano’s TVL rise coincides with the emergence of SundaeSwap. The SundaeSwap, also known as SUNDAE, is the first decentralized exchange platform on the Cardano blockchain network.
Cardano’s Price Review
Cardano currently trades at $0.9587, with the price significantly up by 6.33% in the past 24 hours and about 20.86% in the previous week, according to the CoinMarketCap data.
Cardano’s combined market capitalization is $32.3 billion, achieved after recording an inflow of nearly $6 billion in a single week as investors plunged into the ADA token.
Analysts believe that the coming days will signal more significant price action for Cardano.