Cardano Price Skyrockets: Unique Staking Feature Unleashed

Cardano's growth is due to its unique staking feature, which has drawn users hoping to earn from their holdings. Staking is a service that lets users earn by holding and verifying transactions on a blockchain network. Cardano offers an attractive yearly reward of just over 3%.

Data shows that about 62% of all ADA (Cardano's currency) is currently staked. This makes Cardano the third-largest crypto network for staking rewards, after Ethereum and Solana. The growing use of centralized exchanges among U.S. users has also boosted the number of stakers.

Cardano stands out for its focus on decentralisation. The community is actively working on platform improvements to enhance this aspect, with Cardano Improvement Proposal CIP-1694 being a key initiative. Charles Hoskinson, a leading figure in Cardano, emphasized the importance of decentralization in late May.

On June 23, Cardano developer Input Output Global (IOG) launched “Project Catalyst”. This is a decentralized innovation fund to boost the growth of the Cardano network. A huge amount of 50 million ADA tokens was set aside for this project, making it the largest funding pool for the ecosystem so far.

Cardano's design has also drawn a large number of developers due to its low fees and fast transaction speeds. As a result, more developers are using the platform. Currently, 1,259 projects are being built on the network and 130 have already been launched.