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Coinbase introduced the Cardano staking option

Coinbase introduced the Cardano staking option

American crypto exchange Coinbase introduced the staking option for Cardano cryptocurrency. On the U.S. cryptocurrency exchange, the income from altcoin staking will be 3.75% annually, and it will be distributed every 5-7 days. 

According to the crypto exchange website, once the user starts stacking, he will only start receiving rewards to his account after 20-25 days. Payments are made every 5-7 days.

The cryptocurrency is stored in the user's account, and users can opt out of staking at any time. Cardano is the fifth coin for which Coinbase offers staking services, following Algorand, Cosmos, Ethereum, and Tezos. The exchange plans to expand the list of assets in 2022.

Recall that Cardano runs on the Proof-of-Stake algorithm. This means that its network performance is provided not by mining, as in the case of bitcoin or Ethereum, but by cryptocurrency owners, who block it in a special smart contract and get rewarded for this in proportion to their contribution.

Cardano (ADA)

A popular cryptocurrency with a third generation blockchain platform for creating DApps, based on the Ouroboros protocol. It has been in the top 10 of most rankings for a long time. It has the status of a "green" coin due to the use of the PoS (Proof-Of-Stake) algorithm and has an architecture consisting of several layers.

Capitalization: over $43.6 billion

Advantages: low online fees, fast transactions, smart contracts, no need to buy mining equipment.

Disadvantages: scalability rates are lower than those of competitors. 

Read more: Cryptocurrency and its types: altcoins, stablecoins, CBDC

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