The Cardano blockchain has been able to create a protocol shift in the cryptocurrency industry. The success of the network is reflected in its native token ADA, which is the 6th largest cryptocurrency platform in the world by market cap. The developers of Cardano have kept adding new updates on the network to evolve the ecosystem since its conception in 2017.
The most important update added to the Cardano network this year is Alonzo hardfork that has added smart contracts capability to the blockchain. During the last few weeks, ADA has been spotted to undergo bearish correction. However, a crypto investor recently highlighted a new achievement in terms of staking addresses for Cardano.
A recent post added by a Cardano investor, Jesse Blunt went viral recently on Twitter. Blunt pointed out that the total number of delegators on the ecosystem has reached 1 million unique addresses. The addition of staked addresses for a blockchain indicates the trust of the investors in the strength of its native token and performance.
As per technical experts, increasing staking addresses is a bullish sign and positive market sentiment. Cardano has been left behind in the matter of most staked coins by the Solana network recently. The staking addresses have still kept increasing due to the smart contracts options to the Cardano blockchain. Data confirmed by TradingView reveals that around 33 billion ADA are staked across 3.108 pools that make up for 72% of its total circulatory supply.
According to crypto experts, one of the major driving forces behind more staking addressed added to the Cardano network is the high transaction fees on the Ethereum network. Cardano developers have already launched its first-ever DEX or decentralized exchange called SundaeSwap on the testnet.
After ensuring that there are no bugs or technical issues with the DEX, SundaeSwap will go live on the mainnet. IOHK, the company behind Cardano claims that there is still a lot of room for layer 1 growth on the Cardano blockchain and the developers are planning to move slowly and steadily to avoid any major changes to the PoS ecosystem.