Coinspeaker
ADA Price Jumps 6.2% as Cardano Staking Rewards Surge by 30%
Cardano’s native cryptocurrency ADA has registered a strong rally gaining more than 6.2% in the last 24 hours and surging all the way to $0.3651 with its market cap crossing $13.1 billion. Also, the daily trading volume for ADA has surged by 66% moving past $353 million.
One of the major reasons behind this price action is the Cardano Chang hard fork less than a week away from now. With the release of Node 9.1 last month, the Cardano network has finally become ready for the upcoming upgrade which will introduce governance models thereby taking the Cardano blockchain to the path of further decentralization.
On the other hand, a pro-Cardano YouTuber highlighted a new feature on the blockchain that would allow ADA stakers to earn an additional 30% in staking rewards via the protocol’s Staking Baskets.
Speaking to Cardano founder Charles Hoskinson and IOG community member Tim Harrison, the creator said that the Cardano developers have found out a way to achieve the extra rewards using the the Staking Basket smart contracts.
Speaking to the two Cardano executives during the Rare Evo 2024 event in Las Vegas, the creators said that Cardano developers have built a new solution for the Cardano Staking Basket smart contract wherein users just need to deposit 10 ADA and earn 15% more rewards in comparison to those not using this solution.
In 2023, Cardano introduced Staking Baskets to enhance decentralization on its blockchain network. Staking Baskets utilize smart contracts, enabling users to easily deposit their ADA and delegate to multiple staking pools. This innovation also allows users to create custom Staking Baskets with specific lists of staking pools.
Cardano On-chain Indicators and ADA Price Surge
On-chain data shows that the total number of Cardano active addresses has been on the surge over the past week while coinciding with the Rare Evo 2024 event. This is a bullish indicator showing that new investors are coming to the network and are willing to test the newly released Hydra Layer 2 scaling solution, which could potentially be a game-changer for Cardano.
Photo: Santiment
Additionally, traders are capitalizing on the hype around Cardano to profit, with Coinglass Liquidation data revealing over $10 million in cumulative short liquidity leverage between $0.319 and $0.367.
Currently, Cardano’s ADA faces the immediate resistance of $0.37 crossing which will open the gates for a rally to $0.45.
ADA Price Jumps 6.2% as Cardano Staking Rewards Surge by 30%
