Over $30bln Worth ADA Crypto Staked as Cardano Nears Smart Contract Support Upgrade

Over $31 billion in ADA has been staked before the introduction of the Cardano Alonzo smart contract. From Cardano’s official statement earlier this year, the crypto community has eagerly expecting the arrival of the expected hard fork, Alonzo. The much anticipated hard fork is on the horizon, with initial plans indicating a release in August.

ADA investors have staked $31.07 billion, or 71.29 percent of the overall coin supply, as per Cardano PoolTool. Furthermore, since Cardano passed the 600,000 address landmark in early June, ADA staking addresses have increased dramatically in the last month.

Furthermore, according to PoolTool, the total stake addresses have grown by over than 11% to 670,125.

Furthermore, the whole stake is divided across 2,665 active pools. On the other side, the ETH 2.0 network presently has 5,946,466 ETH staked. The staked ETH is valued $12.5 billion at the prevailing ETH price of $2,118. With the release of ETH 2.0, the Ethereum platform will transition from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism.

The Ethereum blockchain will experience an improvement in performance as well as a drop in gas prices when ETH 2.0 is released. One of the difficulties facing the ETH, according to a survey study, is gas fees:

“Scalability and high gas costs are among the top three obstacles preventing widespread DeFi adoption, according to 45 percent of systems based on Ethereum.”

While Ethereum is attempting to transition to the PoS paradigm, Cardano is already based on it and has a strong technological basis. Cardano also addresses several of the Ethereum blockchain’s most pressing scalability and transaction processing issues.

Cardano also looks to be taking on Ethereum with the development of a new adaptor that permits ERC20 tokens to work on its PoS network. In a news statement issued in May, Francisco Landino, the Commercial Project Manager of Cardano’s parent firm Input Output Global (IOHK), said that the Cardano ERC-20 converter was ready for deployment. The converter, as per Landino, will entice numerous Ethereum engineers to embrace the Cardano network.

The Cardano ERC20 token converter will be used for SingularitNET for the first time, and the converted token will be named “AGIX.” To utilize the converter, users must first log into their ERC-20 converter account, choose a token, then enter the value they want to convert. They must then transfer the token by specifying a particular Cardano address. Users can utilize the tokens for payments and other activities from the Daedalus wallet when the migration is complete.