Cardano Sees Significant Increase in Staked Tokens
According to a recent report by Staking Rewards, the Cardano (ADA) network has experienced a boost in staked tokens, with 400 million ADA tokens having been staked since early December. Despite this increase, the staking market cap is still 9% lower compared to the start of October 2022.
Staking Market Cap Outperforming Cardano’s Market Cap
The growth rate of the staking market cap has surpassed Cardano’s market cap growth since the end of December 2022, indicating a positive outlook among ADA holders. This is despite a decline in the number of staking wallets, which has decreased by 8%. However, the average staked tokens per wallet increased by 20% from 19,800 ADA to 23,900 ADA.
Insights into Validator Activity in the Cardano Network
The report also sheds light on validator activity in the Cardano network, with the largest validators holding a very small percentage of the staked balance. The top 10 providers in the network account for 24.4% of all tokens staked across 119 validators.
Positive Outlook for Cardano Investors
In conclusion, the report highlights the consistent growth of staked tokens in the Cardano network, which bodes well for investor confidence. The report offers valuable insights into validator activity, including the distribution of validators and the top providers in the network.