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Cardano: More ADA Delegators Staking, But Why Are Bears Dominant?
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Cardano: More ADA Delegators Staking, But Why Are Bears Dominant?

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read

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Citing Messari data, one user on X, @JaromirTesar, notes that despite the effects of the crypto bear market, which has adversely affected valuation and activity, there are more Cardano (ADA) holders willing to stake their assets, helping secure the network and earn staking rewards at the same time.  

More Delegators Staking ADA, Confidence Remains High

Sharing a screenshot on November 1, the user notes that roughly 250 ADA holders have opted to stake their coins daily for the past year. By the end of Q3 2023, there were 1.31 million delegators, up from 1.22 million recorded around the same time last year. This means that despite the harsh crypto market conditions, ADA holders seem to have been unfazed and choose to lock their coins instead of exiting for other coins like Bitcoin (BTC) or stablecoins, including USDT.

Cardano staking Overview| Source: @JaromirTesar on X
Cardano staking Overview| Source: @JaromirTesar on X

Cardano uses the proof-of-stake (PoS) consensus mechanism, which the team, Input Output Global (IOG), claims to be more scalable and efficient than other consensus systems, including Bitcoin’s proof-of-work (PoW). In Cardano, Stake Pool Operators (SPOs) are tasked with validating a block of ADA transactions where they receive rewards after every epoch. 

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SPOs eradicate the need for miners. Since anyone with a Cardano wallet can participate in the consensus process, the platform is thought to be more decentralized. ADA holders who choose not to run SPOs can delegate their coins through their favorite validator and receive staking rewards.  

More Stakers Engaging, What Happens To Price Next?

As of November 1, there are 2,888 SPOs with stake, meaning they manage ADA from delegators. Meanwhile, there were 1.31 million unique delegators by the end of Q3 2023, an increase from the previous year.

SPOs on Cardano| Source: ADAstat
SPOs on Cardano| Source: ADAstat

In total, 65.33% of all ADA is engaged, actively participating in consensus and helping keep the network decentralized. Even so, this is down from 71.57% recorded in Q3 2023. The active stake translates to 22.9 billion ADA, down from 25 billion in Q3 2023. According to trackers, there are 35.2 billion ADA in circulation.

Cardano price trends to the upside on the daily chart| Source: ETHUSDT on Binance, TradingView
Cardano price trends to the upside on the daily chart| Source: ETHUSDT on Binance, TradingView

Despite the confidence among ADA holders, prices are relatively subdued. The coin is still trending below July 2023 highs of around $0.37. Even so, prices have been on an uptrend, breaking above the $0.27 high of October.

A close above $0.40 could open up ADA for more gains towards 2023 highs of around $0.46. Conversely, any sell-off from spot rates may push the coin closer to 2023 lows of $0.24.

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Feature image from Canva, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Reason to trust

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