/Cardano Staking on Coinbase, Hydra Upgrade and 1.5 Billion ADA Spike in Pools

Cardano Staking on Coinbase, Hydra Upgrade and 1.5 Billion ADA Spike in Pools

Cardano (ADA) staking pools have surged since developers increased the Plutus Script Memory on 21 March. It will be monitored for the next several days.

The proposal was made by Input Output Hong Kong (IOHK, currently known as Input Output Global or IOG for short), the engineering company for Cardano public blockchain. Plutus Script Memory increased from 56 million to 62 million.

ADA memory update strives to increase scalability, which is a must for  cryptocurrencies 
Cryptocurrencies

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities.

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities.
Read this Term
. Token-burning for Cardano is also being developed by the Hydra team. Burning tokens is a common practice that is used to take tokens out of circulation.

The benefits of burning tokens is based on the logic that the less tokens that are available in the market, the higher the value of the token would be.

A burning mechanism in Cardano will also make the coin deflationary. Shiba Inu for example have a website that is monitoring the SHIB burns.

shiba inu burns transactions

source: shibburn.com

Aside Shiba Inu, BNB,  Ethereum 
Ethereum

Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).

Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Read this Term
, Avalanche and Ripple are some of the top cryptocurrencies that have a burning mechanism in place. Ethereum who Cardano is striving to replace (‘Ethereum Killer’) has already burned over $6 billion to this date.

eth burn

source: watch-burn.com

The Hydra team is exploring minting and burning ADA via a Hydra Head. Hydra is a layet-2 scaling solution for ADA, which is crucial following the Alonzo hard fork in 2021.

Hydra Headers were recently launched on testnet.

Alonzo hard fork is allowing developers to build DApps and as well as minting non-fungible tokens (NFTs) on the Cardano blockchain.

Coinbase Offers Staking in Cardano

Earlier today Coinbase announced Cardano is available for staking in its platform. The approximate annual return for staking Cardano with Coinbase is around 3.75% APY (Annual percentage yield).

After the initial holding periods completes (between 20 – 25 days), staking rewards will be sent every 5 – 7 days. ADAs remains in your account with the ability to exit at any point of time.

The return rate is correlated to the number of staking entities or individuals.

ADA staking

source: stakingrewards.com

Cardano revenue spiked by +28.45% in the past week with the biggest surge in the past 48 hours. The substantial amount of ADA that was staked on 22 March contributed to the revenue and Cardano price increase in the market.

At the time of this writing ADAUSD gained approximately +29% since the beginning of the week.

1.5 Billion Cardano Pools Spike

Pool.com reported 23 new Cardano pools were created in less than 24 hours, which were behind the sudden spike of +1.5 billion ADA staked cryptocurrencies that are divided across these new pools.

ada pools

source: twitter

What seems to be a common factor in these ADA pools is that they are all named after well-known scientists. Some of these crypto staking pools are:

Rampant Violet Hawking
Elegant Gold Heisenberg
Kind Orange Heisenberg
Keen Lemon Fermi
Periodic Sinopia Hopper
Tall Zaffre Darwin
Optimistic Olive Hypatia
Relaxed Mustard Hopper
Lucky Azure Gauss
Gleaming Cyan Davinci
Upbeat Beige Euler
Wacky Gold Maxwell

All these Cardano pools have a 5% margin with at least 2 entities or individuals with over 30 million. Below are details of Wacky Gold Maxwell pool (WGM).

wacky gold maxwell ada pool

source: pool.pm

According to pool.com, the pools metadata are hosted on bison.run domain, which is also used by bisontrails.co. BISON pool is currently part of Coinbase.

Cardano Vs. Ethereum

Cardano current TPS is around 250. A single Hydra Head adds1,000 TPS to the network. As a result, 1,000 ADA poos may provide the cryptocurrency with the ability to process up to 1 million transactions per second.

This is definitely a huge step for Cardano. It may also explain the newly created ADA pools, which are almost aligned with the launch of Hydra in testnet.

Adding ApeCoin on the Ethereum blockchain, which currently has well over $2 billion in trading volumes may attract new projects to the Ethereum blockchain rather than Cardano.

Staking yields for Ether may reach as high as 10% – 15% when the upgrade is live later in 2022.

The next major hurdle for Cardano is the $1.20 hurdle. If the price succeeds in firmly breaking above $1.21, the price may attempt to target the next resistance level around $1.60.

Cardano (ADA) staking pools have surged since developers increased the Plutus Script Memory on 21 March. It will be monitored for the next several days.

The proposal was made by Input Output Hong Kong (IOHK, currently known as Input Output Global or IOG for short), the engineering company for Cardano public blockchain. Plutus Script Memory increased from 56 million to 62 million.

ADA memory update strives to increase scalability, which is a must for  cryptocurrencies 
Cryptocurrencies

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities.

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities.
Read this Term
. Token-burning for Cardano is also being developed by the Hydra team. Burning tokens is a common practice that is used to take tokens out of circulation.

The benefits of burning tokens is based on the logic that the less tokens that are available in the market, the higher the value of the token would be.

A burning mechanism in Cardano will also make the coin deflationary. Shiba Inu for example have a website that is monitoring the SHIB burns.

shiba inu burns transactions

source: shibburn.com

Aside Shiba Inu, BNB,  Ethereum 
Ethereum

Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).

Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Read this Term
, Avalanche and Ripple are some of the top cryptocurrencies that have a burning mechanism in place. Ethereum who Cardano is striving to replace (‘Ethereum Killer’) has already burned over $6 billion to this date.

eth burn

source: watch-burn.com

The Hydra team is exploring minting and burning ADA via a Hydra Head. Hydra is a layet-2 scaling solution for ADA, which is crucial following the Alonzo hard fork in 2021.

Hydra Headers were recently launched on testnet.

Alonzo hard fork is allowing developers to build DApps and as well as minting non-fungible tokens (NFTs) on the Cardano blockchain.

Coinbase Offers Staking in Cardano

Earlier today Coinbase announced Cardano is available for staking in its platform. The approximate annual return for staking Cardano with Coinbase is around 3.75% APY (Annual percentage yield).

After the initial holding periods completes (between 20 – 25 days), staking rewards will be sent every 5 – 7 days. ADAs remains in your account with the ability to exit at any point of time.

The return rate is correlated to the number of staking entities or individuals.

ADA staking

source: stakingrewards.com

Cardano revenue spiked by +28.45% in the past week with the biggest surge in the past 48 hours. The substantial amount of ADA that was staked on 22 March contributed to the revenue and Cardano price increase in the market.

At the time of this writing ADAUSD gained approximately +29% since the beginning of the week.

1.5 Billion Cardano Pools Spike

Pool.com reported 23 new Cardano pools were created in less than 24 hours, which were behind the sudden spike of +1.5 billion ADA staked cryptocurrencies that are divided across these new pools.

ada pools

source: twitter

What seems to be a common factor in these ADA pools is that they are all named after well-known scientists. Some of these crypto staking pools are:

Rampant Violet Hawking
Elegant Gold Heisenberg
Kind Orange Heisenberg
Keen Lemon Fermi
Periodic Sinopia Hopper
Tall Zaffre Darwin
Optimistic Olive Hypatia
Relaxed Mustard Hopper
Lucky Azure Gauss
Gleaming Cyan Davinci
Upbeat Beige Euler
Wacky Gold Maxwell

All these Cardano pools have a 5% margin with at least 2 entities or individuals with over 30 million. Below are details of Wacky Gold Maxwell pool (WGM).

wacky gold maxwell ada pool

source: pool.pm

According to pool.com, the pools metadata are hosted on bison.run domain, which is also used by bisontrails.co. BISON pool is currently part of Coinbase.

Cardano Vs. Ethereum

Cardano current TPS is around 250. A single Hydra Head adds1,000 TPS to the network. As a result, 1,000 ADA poos may provide the cryptocurrency with the ability to process up to 1 million transactions per second.

This is definitely a huge step for Cardano. It may also explain the newly created ADA pools, which are almost aligned with the launch of Hydra in testnet.

Adding ApeCoin on the Ethereum blockchain, which currently has well over $2 billion in trading volumes may attract new projects to the Ethereum blockchain rather than Cardano.

Staking yields for Ether may reach as high as 10% – 15% when the upgrade is live later in 2022.

The next major hurdle for Cardano is the $1.20 hurdle. If the price succeeds in firmly breaking above $1.21, the price may attempt to target the next resistance level around $1.60.

Original Source