Cardano (ADA) holders can now stake on the Kraken. The exchange revealed on May 4 that it had officially launched the staking service for Cardano’s native coin, ADA. It is offering incentives of up to 4% and 6% for users who help protect Cardano’s network.
Users must deposit funds in their spot wallet in order to receive the rewards. Kraken deposits require a minimum of 1 ADA and there are no additional fees. After that, transfer the funds to Kraken’s staking wallet and select ADA to begin staking.
Steps for Staking:
To begin, users must navigate to the platform’s “Funding” option. They must then pick “Deposit” and then “Cardano (ADA).” Following that, press “Deposit” next to ADA and then follow the on-screen directions.
Interested ADA holders may start adding Cardano to their Spot Wallet by depositing or purchasing the cryptocurrency on the exchange. Finally, users must deposit ADA into their Kraken Staking Wallet by going to “Staking” and selecting “Stake” under Cardano.
Cardanos Alonzo Upgrade:
Hoskinson listed the final update while laying out Cardano’s roadmap last month. The next update, Alonzo, must be done before this can happen. The Cardano blockchain will get smart contract help with the Alonzo update.
Cardano could potentially allow the creation of NFTs on the blockchain if the ability to enable smart contracts is completed. Cardano could emerge as a possible competitor to Ethereum if it possesses these capabilities.
This bull market is also thought to be fueled by recent business alliances and smart contract capabilities. Cardano revealed last month that it would collaborate with the Ethiopian government to digitise the country’s education sector.
Cardano, the seventh most valuable cryptocurrency by market capitalization, has maintained its bullish trend today, reaching an all-time high of $1.68.