Cardano Ranks Biggest Staking Network After Ethereum, Here Are Details
In accordance with staking rewardCardano is considered the second largest Proof-of-Stake (POS) network after Ethereum with a market capitalization of $9.22 billion. Ethereum, on the other hand, has a market capitalization of $26.95 billion.
Cardano has a higher staking ratio of 71.86% while Ethereum has 14.31%.
In accordance with Pools.pm34,308,238,349 ADA were placed in 3,182 pools.
While it may seem overwhelming, Cardano uses a unique staking mechanism that sets it apart from other POS blockchains.
Cardano staking is the largest DeFi application for cryptocurrencies. Liquid, no jail time, no risk. In light of today’s news, we must make a leap towards mass adoption. We do not need intermediaries who take a share. Get some ADA, load your wallet, choose a pool, click DELEGATION and be part of the revolution
— Keith ADA (@cardano_whale) February 10, 2023
In accordance with ADA whale“Cardano staking is the largest DeFi application for cryptocurrencies. Liquid, non-custodial, no risk.”
Cardano staking mechanism
The Cardano blockchain uses a staking mechanism based on game theory rather than slashing. The implications of Cardano’s design choice are: first, bid in Cardano is liquid and does not block the user’s ADA for any period.
Secondly, delegating Cardano to ADA does not give ownership of them to the staking pool operator. The storage of the ADA cryptocurrency delegated to the Cardano staking pool is always under the control of the owner’s private key.
As previously reported, Cardano founder Charles Hoskinson commented on the Ethereum staking mechanism following a tweet by Coinbase CEO Brian Armstrong that the SEC plans to ban retail access to staking.
“Staking Ethereum is problematic. Temporarily transferring your assets to someone else so they can make a profit is very similar to regulated products. Reduction and bonds are not so good. I have been using for 13 years,” he stated.
Hoskinson added: “All proof-of-stake protocols can be lumped together due to a fundamental misunderstanding of the actual facts of operation and design. [of staking].”
Credit : u.today