With Coinbase, the publicly-traded cryptocurrency exchange, offering staking for Cardano (ADA), the staking value for the seventh-largest coin by market capitalization has surged tremendously.
According to data compiled by Cardano Daily from Staking Rewards, a leading data provider for staking and crypto growth pools, Cardano is now ranked as the fourth-largest in staking value among the popular layer-1 blockchains.
“$ADA @CardanoStiftung ranks 4th by Staking Value among popular layer1 blockchains. Nearly 3/4 $ADA coins are being locked. As numbers can’t lie, we see a strong belief for #Cardano ,” Cardano Daily tweeted.
Cardano Close to Overtaking Terra & Ethereum
Over the last 24 hours, the staked value of Cardano surged by 4.42%, which is mostly as a result of a slight increase of 3.2% in the price of ADA in the past day.
Following the development, Cardano is closing in on Terra and Ethereum, sitting in the third and fourth positions, respectively.
Ethereum has a staked value of $31.3 billion while Terra has a staking valuation of $29.7 billion
Per the data, Cardano has a staking value of nearly $29 billion at press time, representing 71.73% of eligible ADA that can be staked.
Several Events Fuel ADA Staking Value
The development shows an increase in users’ interest in Cardano, a project that has continued to achieve significant milestones in recent times.
In addition, the staking data provider platform puts the estimated rewards users will earn annually, staking their ADA coins at 5.04%, which is ahead of Ethereum’s 4.8%.
Several developments have contributed to ADA’s dominance in staking valuation.
Aside from a spike in its price, cryptocurrency exchange Coinbase, toward the end of last week, introduced ADA staking on its platform, with an annual return of 3.75% to be distributed every five and seven days.
Furthermore, Grayscale Investments also exposed the vast majority of its institutional clients to ADA by launching a smart contract platform fund for the cryptocurrency.
These developments pushed the volume of Cardano staked by over 70% in one day, with many retail and institutional clients eager to benefit from ADA staking.