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- A report suggests that Cardano has the highest number of staked wallets on a blockchain.
- The Vasil Hard fork is considered the most anticipated event after The Merge.
- ADA was trading at the market price of $0.5153 at the time of publishing.
Cardano Outshines the Proof-of-Stake Blockchains
Cardano’s Vasil Hard Fork remains one of the most anticipated events this month after The Merge. According to a recent study focused on Proof-of-Stake blockchains Avalanche, Cardano, and Polkadot. The research found that Cardano is way ahead of Avalanche and Polkadot considering the number of staked wallets in the ecosystem.
According to the study, Cardano currently has 1,182,047 staked wallets in the ecosystem representing a 72.63% staking ratio. Polkadot and Avalanche lagged behind with 33,646 staked wallets (52.4% staking ratio) and 23,030 staked wallets (64.9% staking ratio). Though Polkadot has more wallets, it has a lower staking ratio in contrast to Avalanche.
The Vasil hard fork is a part of the third developmental cycle on the blockchain. Hard forks are not something we see too often on any blockchain. But Cardano remains the only chain to implement them annually. It will bring new features to the blockchain with improved connectivity and stability.
The Merge Popularizes Proof-of-Stake
People’s interest in the Proof-of-Stake blockchains has risen following the most anticipated crypto event on Ethereum, The Merge. The update will focus on shifting its current algorithm (Proof-of-Work) to the POS consensus mechanism. Critics around the globe think that PoW-based crypto assets are hazardous to the environment.
This event may influence other assets operating on the POW mechanism to shift their consensus to POS. Apart from sustainability, this will create a fair chance for the miners to receive the rewards from crypto mining. Currently, the highest bidder is preferred to mine the blocks of a blockchain.
Proof-of-Work requires the miners to use heavy equipment consuming a mammoth load of power. This leads to increased carbon emissions around the globe, which contributes to global warming. The Merge is expected to lower the carbon emissions by 99% from their ecosystems.
How fascinating it would be if all the crypto assets started using the Proof-of-Stake mechanism. It would prove fruitful to both the crypto miners as well as the environment.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
