Cardano stands out among its cryptocurrency contemporaries in terms of the amount of time it has spent trading sideways.
Despite months of price declines, confidence in Cardano’s blockchain ecosystem is growing as the network officially reached over 1,000,000 wallets that are currently staking ADA, a major landmark.
The Proof-of-Stake consensus mechanism in Cardano allows ADA holders to allocate their tokens in order to participate in the network and earn rewards based on the amount delegated.
Over 71 percent of the ADA now in circulation has been staked, with a market value of around $33 billion at press time, demonstrating the network community’s strong belief.
After surpassing twenty million transactions with no downtime, Cardano recently announced proxy keys. Despite being chastised for its delayed smart contract adoption at a time when huge blockchain networks have been down on many occasions, the network managed to pull off the incredible feat.
Charles Hoskinson, co-founder of Cardano, has previously indicated that they are not in a haste to implement enhancements at the expense of security and privacy.