Altcoin
Cardano Foundation revamps its delegation strategy causing ADA to….
Cardano’s redelegation is complete. The new strategy emphasized stake pool contributions to foster growth. A recent uptick in active addresses positively impacted ADA’s price as well.
- Cardano released new pools for its revamped delegation strategy.
- Active addresses and prices showed an uptrend following the redelegation.
Cardano [ADA] launched its Architects of the Future delegation strategy over a year ago, but it has changed significantly since. The Cardano Foundation revamped the delegation process and updated the application procedures, as per the latest announcements.
Read Cardano (ADA) Price Prediction 2023-24
Redelegation commences on Cardano
The Cardano Foundation has just wrapped up its redelegation process, which significantly shifted its delegation strategy. The updated approach emphasized stake pool contributions to the community, promoting the creation of open-source solutions and offering support for the broader ecosystem.
This new initiative is designed to nurture the growth of the ecosystem by recognizing the exceptional efforts of stake pool operators (SPOs) and encouraging their participation.
As per the Foundation’s post on 21 April, more than 250 pools applied for the redelegation of the Cardano Wallets. Nevertheless, out of these, just 45 pools were chosen randomly and granted delegation.
Current stakes on Cardano
Based on the data from Staking Rewards, the current staking ratio for Cardano stood at approximately 64.98%. As of this writing, the staking market cap was around $8.9 million, out of a total market cap of over $13.4 million.
Well, as for the number of stakers, they were around 1.19 million, with a slight uptick noted on 21 April.
Active addresses rise
Furthermore, Santiment data revealed that there was a sudden surge in the number of active addresses on the ADA network.
According to the seven-day active addresses metric, ADA was exhibiting a steady increase in active addresses. As of this writing, there were approximately 371,000 active addresses, a figure not seen since February.
Source: Santiment
How much are 1,10,100 ADAs worth today?
Price sees little respite on a daily timeframe
The recent increase in active addresses on the Cardano network has positively impacted the asset’s price movement. ADA was trading at around $0.39 at press time, reflecting a gain of nearly 3%.
This upswing followed several days of downward price movement. Despite the decline in previous days, the asset’s price remained above the short and long Moving Averages (yellow and blue lines). Moreover, the latest surge in price has resulted in the Relative Strength Index (RSI) trending upward as well.
Source: TradingView
