Cardano soars by 14% following its entry into Coinbase’s staking space

Sahana Kiran
Source – Unsplash

Cardano [ADA] has time and again proved to be a prominent crypto asset. In terms of price as well as network developments, ADA has managed to keep up with the increasing adoption rate. More recently, prominent cryptocurrency exchange, Coinbase decided to further elevate the presence of ADA in its ecosystem.

Adhering to the community demands, Coinbase has been making room for an array of developments. While Cardano was listed on the exchange long ago, it decided to include the altcoin in its staking portfolio.

Expansion is the theme for 2022 according to Coinbase. As a result of this, it allowed Cardano holders to earn rewards. According to a recent blog post, the estimated annual return for Cardano staking on the exchange is at 3.75 percent APY. However, rewards would be delivered to the users’ respective accounts every five to seven days. This is possible only after the initial holding of the user completes a course of twenty to twenty-five days.

Additionally, users can decide to get out of the program whenever they wish to do so. Users would always have control over their respective ADA. Further explaining the norms of the staking feature Coinbase said,

“The Cardano network sets the underlying return rate depending on the number of staking participants. Coinbase distributes the return to customers, less a commission.”

Has Coinbase influenced Cardano’s daily surge?

Coinbase has been an integral part of the crypto-verse. The exchange has consistently proved to be a catalyst for the success of several crypto projects. A mere listing on the exchange can do wonders for the price of any cryptocurrency.

Similarly, the latest inclusion of Cardano into its staking portfolio brought in major gains for the altcoin. During press time, ADA was soaring by almost 13 percent while it was trading for $1.09.

While several coins have had slip-ups in the past, ADA managed to entail a stronghold on the coveted top 10. Cardano continues to emerge as the seventh-largest cryptocurrency with a market cap of $36.87 billion.