The co-founder and CEO of Messari, Ryan Selkis, recently took the chance to talk about Cardano and its recent price surge. He said that this is proof that staking is not dead, as ADA prepares for the upgrade to its Shelley testnet.
After we saw Cardano (ADA) surging in the altcoin news last month, it easily became the sixth biggest cryptocurrency by market cap. The status of this cryptocurrency is often commented now, which is why the CEO of Messari Ryan Selkis decided to double down on it with his own thoughts.
Generally speaking, Selkis believes that traders could buy and stake more of the altcoin. In his newsletter, he said that lower staking rates for Cardano could mean a higher reward payout for investors who are “wondering if they’re late to the party.” With this, Selkis praised ADA but also took the chance to predict what its future could look like.
The co-founder of Messari said that one of the catalysts for the recent surge of the token (which is up by 85% as of July 8) is the Shelley hardfork which will upgrade the ADA ecosystem in a major way.
“The potential discrepancy between staked and un-staked ADA however, could bode well for bulls even after Shelley goes live. While the initial staking percentage won’t be known until after launch, Cardano’s incentivized testnet saw participation from ~40% of the reported supply. If this carries over to mainnet, Cardano’s staking rates will be significantly lower than other large-cap networks like Tezos (80%) and Cosmos (71%).”
Selkis also said that there is plenty of room for growth in ADA as investors pursue lower staking rates to buy and stake on exchanges. After an announcement that ADA holders will officially be able to stake their assets in Coinbase custody by Q4 of 2020, some speculations in the Cardano news arose, showing that crypto exchanges might soon list Cardano.
Currently, ADA is trading at more than $0.133 but has gone a long way to reach new heights and cement itself as a major player in the top 10 cryptocurrency market cap list. Today only, the coin managed to add 7.47% to its price.
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