The veteran US exchange Kraken has added Cardano (ADA) staking as of May 4th. This comes amid the growing interest in the cryptocurrency, the price of which has been on a roll since the start of the year.
- Staking in the cryptocurrency world requires the token holders to lock a certain amount of coins based on the proof of stake algorithm or any of its varieties. As such, they receive the right to vote and participate in the governance of the network and get rewards in new coins.
- The trend has been gradually increasing in popularity among investors, and numerous crypto exchanges started offering such services.
- The San Francisco-based veteran trading venue Kraken announced the addition of Cardano (ADA) on its staking platform yesterday. The firm said, “by staking ADA through Kraken’s market-leading staking service, you will take your place among the decentralized community of supporters helping to secure the Cardano network.”
- As previously reported, Cardano reached full decentralization at the end of March when the entire community consisting of over 1,800 pools became responsible for 100% of the block production.
- Kraken users would have to add the ADA tokens into the exchange’s staking wallet as the service went live at 21:00 UTC on May 4th. According to the statement, the rewards will be paid out on a regular schedule – weekly – with “no waiting or lockup period.”
- The rewards will be between 4% and 6%, which Kraken described as “one of the highest returns in the industry.”
- Users will also be able to “quickly” exit from the staking position by transferring tokens from the staking wallet back to the spot address.