This Is Why More Than 10M Americans Own Cardano

In a recent survey of cryptocurrency ownership among Americans, Morning Consult revealed an intriguing fact: Cardano, the open-source, proof-of-stake blockchain platform, has seen its American ownership double from 4% to 7% since the start of 2022. That means approximately 10 million Americans are now owners of Cardano.

Understanding the Surge in Cardano Adoption

So, what’s behind the dramatic increase in Cardano adoption? A key factor is the appealing staking opportunities provided by Cardano. More and more crypto enthusiasts are eager to reap the benefits of their assets, and Cardano offers an enticing platform for them to do so.

Staking has become a common feature in the cryptocurrency world over the past two years. It allows users to earn rewards by holding onto their crypto and validating transactions on a blockchain network. By staking their assets, users are able to generate income without needing to sell their assets.

How Easy is it to Stake Cardano?

If you’re thinking about staking Cardano (ADA), it’s a relatively straightforward process thanks to BLOX. Simply open the app, select ‘Staking’ and if you already have Cardano stored, you can just add it to the staking process. If you’re new to Cardano, you can purchase it quickly and easily.

Data from Staking Rewards indicates that staking has indeed become a popular investment strategy with Cardano. Currently, approximately 62% of all ADA in circulation is being staked, highlighting its attractiveness among investors.

In addition, Cardano sets itself apart from other cryptocurrencies through its commitment to decentralization. Active efforts have been made by the Cardano community to increase its level of decentralization, with notable enhancements coming from the Cardano Improvement Proposal CIP-1694. Charles Hoskinson, one of the architects of Cardano, underscored the significance of decentralization in late May, reiterating their aim to build Cardano in a way that revolutionizes the crypto landscape.

Cardano’s Project Catalyst

On June 23, Input Output Global (IOG) – the development team behind Cardano – launched Project Catalyst. This decentralized innovation fund is set to fortify the growth and development of the Cardano network. A whopping 50 million ADA tokens were allocated to this project, creating the largest funding pool for the ecosystem to date.

Tamara Haas, the director of IOG, emphasized the importance of decentralized financing and innovation for the future of Cardano. She stated, “We are in the age of Voltaire and we think a lot about how people govern themselves and the entire ecosystem… when you build from the ground up, you need a mechanism to enable that innovation and growth, and that’s the role of catalysts.” This serves to underline Cardano’s commitment to empowering its community and fostering an environment that encourages growth and innovation.

Earlier last week Cardano released another upgrade, version 8.1.1, which included solutions for issues with peer-to-peer network interactions and the Cardano-based domain name system in addition to speeding epoch transitions.