67.4% of ADA coins Staked in Six months
Presently, the Cardano network only supports staking after the Shelley phase was activated six months ago. Following this, 67.4 percent of circulating ADA is now staked at different pools helping secure the platform from third-party attackers and decentralizing the platform as applicable in the Proof-of-Stake consensus algorithm.
While staking can be misconstrued to mean scarcity and therefore demand for ADA, the majority are staking their stash via centralized exchanges like Binance. With Steem and EOS wrangles proving a point to the centralization and nepotism that can arise from this arrangement, some analysts are skeptical of ADA prospects. Still, developments such as Goguen and smart contracting will likely propel prices even higher in the medium term.
Impact on the ADA Price:
Bullish. Price pumps, in the case with Cardano, aren't necessarily caused by staking but mostly by on-chain developments and external factors such as dApp launches and more. Going forward, further development and tangentially, staking could prop ADA prices.
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