Crypto exchange crypto.com in Singapore now supports on-chain staking for Cardano, the seventh-largest cryptocurrency by market value.
According to a blog post, in addition to the Avalanche (AVAX), Cronos (CRO), Ethereum (ETH), Solana (SOL), and Polkadot (DOT) blockchains, Cardano (ADA) on-chain staking has begun via the crypto.com app.
Cardano is the third-largest proof-of-stake (POS) network by staking rewards, behind Ethereum and Solana, with a staking market worth of $5.36 billion.
34,800,197,534 ADA have reportedly been staked over 3,124 pools, according to Pools.pm.
By fusing Bitcoin’s unspent transaction output (UTXO) accounting model with the ability to handle smart contracts, Cardano offers an Extended Unspent Transaction Output (EUTXO) accounting model. Compared to current blockchain accounting systems, EUTXO provides a number of clear advantages.
Transaction costs are consistently foreseeable since EUTXO is deterministic. The size of the transaction determines the fee, which is constant regardless of network traffic.
EUTXO offers complete support for Plutus smart contracts. The EUTXO paradigm for smart contracts locks up UTXOs, ADA, native assets, and NFTs, providing a flexible foundation for app development.
Launching the first Cardano/Polygon NFT bridge, which serves as an on-chain registry and guarantees Cardano and Polygon interoperability and compatibility with the Sandbox, was a significant milestone for the Cardano NFT project, Clay Nation.
The native cryptocurrency of the Cardano blockchain, ADA, was barely up 0.24% to $0.246 at the time of writing.