After Cardano has transformed as the 6th leading cryptocurrency by market cap last week, Messari co founder and CEO Ryan Selkis still believes traders could purchase & stake more of the altcoin.
Within the recent newsletter, Seliks said lower staking rates for Cardano [ADA] could mean a better reward payout for investors who are “wondering if they’re late to the party.”
The Messari co-founder says one among the catalysts for the token’s recent surge – up 85% as of 8th July – is Shelley, an upcoming possible hardfork upgrading its ecosystem.
“The potential discrepancy between staked and un-staked ADA however, could bode well for bulls even after Shelley goes live. While the initial staking percentage won’t be known until after launch, Cardano’s incentivized testnet recorded participation from ~40% of the reported supply. If this carries over to mainnet, Cardano’s staking rates are going to be significantly less than other large-cap networks like Tezos [80%] along with Cosmos [71%].”
Selkis says this suggests there’s many room for growth in ADA as investors pursue lower staking rates to purchase and stake on exchanges.
Following an announcement that ADA holders will be able to stake their assets in Coinbase custody by Q4 2020, speculation arose that the cryptocurrency exchange might soon list Cardano. At the reporting time, the altcoin presently trades for $0.13 USD.