Cardano Gets Investors’ Attention as Coinbase Decides to Expand Staking Offerings to Include ADAApril 9, 2022
One of the largest cryptocurrency exchanges in the world, Coinbase has decided to add support for Cardano native token. The public-listed crypto enterprise at NASDAQ recently confirmed the inclusion of ADA token as a stake offering on their platform. With the latest addition, the ADA holders will be able to dedicate their reserves and earn yield against their holdings.
The yields will generate with the participation of ADA tokens in the PoS consensus mechanism. Rupamalini Sahu, the Senior Product Manager at Coinbase, recently confirmed the transition. Sahu also commented on the broader plan of Coinbase to expand its staking portfolio. Sahu also claimed that the company is likely to introduce more staking options throughout the year.
Users will be Able to Stake and Earn Yields on their ADA Tokens
Coinbase recently took to the social media platform Twitter to share some more details and advantages of the local staking feature. The company acknowledged that anyone familiar with the Cardano network also knows that they can stake their tokens with the help of some internal blockchain services.
However, for many non-technical users, the process can cause confusion and difficulties. The platform claimed that at Coinbase, all users could easily stake their ADA tokens due to a simplified user interface. Coinbase blog also offers more details for the traders who want to avail the platform to earn yields.
The good news for the ADA holders is that the amount of ADA staking is really low. According to the blog post of Coinbase, any trader who holds $1 worth of ADA can stake and earn. Furthermore, the blog also detailed that the expected APY or Annual Percentage Yield at the exchange platform is set at 3.75%.
In addition to $ADA, users can also stake tokens like $ALGO, $ATOM, $ETH, and $XTZ, among others. Bison Trails confirmed that within 24 hours of the introduction of the 12 staking pools, Coinbase gathered 1.5 billion ADA tokens. In addition, the trading activity on the Cardano network also increased, and the local DeFi protocol TVL also showed a persistent increase.