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Cardano: Growing adoption in the USA boosts ADA

Tue 27 Jun 2023 ▪ 3 min of reading ▪ by Fenelon L.
Getting informed Invest

Cardano (ADA) is facing regulatory crackdown in the United States, but it doesn’t hinder its growing adoption and exceptional growth. According to data from “Morning Consult,” ADA adoption has seen a remarkable increase in the past 18 months, with nearly 10 million people (approximately 7% of Americans) currently holding this cryptocurrency.

Cardano adoption on the rise in the USA

Staking as a driving force behind increasing adoption

Cardano continues its conquest and appears to be moving forward unhindered. Recently published data from Finbold reveals an encouraging trend: in June, the network recorded an average of 2,446 new crypto wallets per day.

The growing adoption of Cardano is primarily driven by its unique staking capabilities, which are attracting increasing interest among users seeking to maximize their earnings.

In fact, staking represents a decentralized financial service that allows crypto holders to earn rewards by validating transactions on a blockchain. With an annual reward of 3%, Cardano offers an interesting opportunity for investors looking to generate passive income.

According to Morning Consult, a crypto analytics company, approximately 7% of Americans, or around 10 million people, currently hold ADA. Compared to the 4% recorded in January 2022, this nearly 100% increase reflects the growing enthusiasm for Cardano in the United States.

In addition to staking, Cardano has maintained a competitive advantage through its commitment to decentralization. The community has actively advocated for greater decentralization, notably through the Cardano Improvement Proposal CIP-1694. This progress, combined with other platform improvements like Marlowe, has allowed Cardano to distinguish itself from other altcoins.

Project Catalyst and decentralized finance

On June 23, Cardano’s President of Input Output Global (IOG), Tamara Haasen, launched “Project Catalyst”, a decentralized innovation fund designed to support the development and growth of the Cardano network. A significant 50 million ADA tokens have been allocated to this fund, making it the ecosystem’s largest funding pool to date.

The Cardano platform is also attracting strong interest among developers. Its architecture, which offers attractive features such as low fees and fast transaction speeds, has attracted a considerable number of developers. Currently, 1,259 projects are under development, 130 of which have already been launched.

Cardano is experiencing growing adoption in the US, despite recent regulatory challenges. Its commitment to decentralization, attractive staking capabilities and developer appeal make Cardano a major player in the crypto ecosystem.

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Fenelon L. avatar
Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.