Why I'm stacking more ADA: it's not just about the price....
ADA is one of those coins I wish I'd paid more attention to earlier, but better late than never, and I think better NOW (or a few days ago in my case) rather than in a week's or a month's time to stack a little more (not financial advice of course, purely for the entertainment value here!).
I did quite well given the recent 25% increase in price....
The main reason I bought some more ADA a few days ago was because of the recent news that Smart Contracts are soon to be released on the Cardano network, meaning the potential of DEFI on another blockchain.
Having recently diversified into Cosomos via Osmosis, which is working out very nicely, I like the thought of having another small pot of passive over on another chain.
There's also the fact that the more I dig into Cardano, the more I like it, and there's a lot to like, confirming my prior conclusion that this is one of those 'boring but important chains'!
Cardano is very decentralised....
ADA has over 3000 nodes running which makes it just about the most decentralised blockchain out there, although NB many of those 3000 nodes are run by a smaller amount of companies.
This medium post summarises the situation quite nicely.
Staking is easy and flexible and the returns reliable.
I finally got around to installing a Yoroi wallet today, and it was very easy and relatively cheap (around 2 ADA) to stake some ADA to my chosen node, for a 5% return.
A screenshot of the very easy to use Yoroi wallet.
While 5% isn't particularly appealing by crazy DEFI standards, it's a reliable return, on a par with some of the more sensible ETH pools.
There's a significant focus on social and environmental development
Many of the nodes aren't just about the profit, they actively support social development too, in fact I opted to stake to one of these nodes recently rather than the one with the highest return
You might also have heard of IOHK's partnership with the Ethiopian ministry of Education - they're using ADA to create digital identities for students and teachers to track their performance
(Of course it's debatable whether this kind of partnership with a State is progressive or not, but it certainly shows ADA's utility-potential.)
70% of ADA is staked
Interesting fact: ADA has the largest amount staked by dollar value of any crypto, so in terms of the big crypto projects, this is the least liquid.
NB the only new coins today (more or less) come from staking rewards, which just adds to the illiquid nature of the token.
A research first approach
Cardano has prioritised research over deployment, which is probably why it's so far behind with the Smart Contract deployment - it's been focussing on getting everything else robust first of all, which is why they should be well set for the.....
Smart Contract role out due this September
The Alonso Hardfork due this September brings with it Smart Contract deployment on Cardano...
There's one project called Sundae Swap I've got my eye on that's aiming to release a DEFI app on Cardano in Q3 this year - run by a total Geek called Pi who describes himself as a mathematician by passion and coder by trade.
Just a shame about the name, but I guess it's no sillier in form than Pancake Swap, but with better math and more decentralisation.
NB - Beware of FlanoSwap, one of the things @trumpman shilled for the referrals recently, it might be a scam - the woman in the linked video flags up the fake profiles of the teams, and they've since removed the 'teams' information from the site altogether - says big red NO flag to me!
And There's no chance of FUD over the Environment!
Apparently the FUD over Bitcoin energy use resulted in some institutional money moving into ADA as it's less energy intensive - so not only is it better for the environment, there's one less angle than Bitcoin for a FUD dip, lest people suddenly develop a very selective environmental consciousness again.
ADA: Find Out More.....
This guy from (or who rather 'is') Coin Bureau is also pretty bullish on ADA....
https://www.youtube.com/watch?v=HF7dxD5ncks
And although he is just some guy with some half decent video skills whose branded himself to make himself look pseudo-official I'm with him on ADA, there's a lot to like about it!
Posted Using LeoFinance Beta
