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Coinbase supports Cardano stakes

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@natalia-irish
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Cardano's price has increased by 16% in the last 24 hours and by 34% in a week, making it gradually advance in the list of the most valuable cryptocurrencies in terms of total market capitalization.

The recent Cardano price hike is driven by many reasons, most notably the increase in the total value of locked projects and protocols built on the Cardano blockchain.

One of the main reasons why the price of Cardano ADA soared was also the support of its allocation mechanism from Coinbase.

Coinbase supports Cardano stakes: Today, Coinbase announced that it is introducing ADA staking.

Explaining the decision, Rupmalini Sahu, Senior Product Manager at Coinbase, said:

Cardano is among the top ten coins by total market capitalization and has a flexible, sustainable and scalable blockchain.

This design uses smart contracts, similar to Ethereum and Solana, to enable decentralized finance, NFT, and other activities on the network.

It is worth noting that Cardano relies on the quota and proof of ownership mechanism, which means that its network is secured in a way other than approved mining in Bitcoin, as the authentication mechanism in Cardano is adopted by people who commit and allocate part of their ADA properties to the network, in return they get a share of the minted ADA newly.

Since this caching process can be a bit cumbersome or time-consuming for the average user, Coinbase and other trading platforms offer to do it for them.

The platform allocates users' ADA tokens and then redistributes the rewards according to contributions.

Coinbase currently offers an estimated annual return of 3.75%, distributed every five to seven days.

Cardano, whose price has jumped from $1.00 to $1.13 today, is having a very good week compared to other prominent cryptocurrencies.

ADA is the fifth digital currency offered by Coinbase within the quota services, after Algorand, Cosmos, Ethereum and Tezos.

Coinbase, long overdue in crypto listings, now supports 168 cryptocurrencies, adding almost half of them in 2021 alone.

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By @natalia-irish

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