ADACash Shells Out $1.5 Million Rewards to Users One Month Into Operation
Encouraging news for staking market participants comes around as the ADACash rewarding staking project for the Cardano network released a report detailing over $1.5 million in payouts issued to ADACASH reward token holders.
The report highlights that the payout in excess of $1.5 million has exceeded expectations, propelling the project to a market cap of over $40 million less than two full weeks after launch. The breakthrough became possible after the project attracted its first 10,000 native asset holders over the same period by offering as much as 10% yields on staking. Such traction resulted in a significant boost in ADACASH token prices across all major exchanges within 24 hours of the report’s release.
The main selling point of the ADACash project is its basis of the Cardano Rewards Token that was initially launched on the Binance Smart Chain, giving users the option of holding native ADACASH in exchange for rewards from the Cardano blockchain. The ADA rewards are issued as reflections of all transactions on the network through a staking system that encourages users to stockpile assets and cash out their passive income earnings.
The innovative reward token system that ADACash is promoting under the banner of a pioneer in the field is attracting growing attention from both average users and institutions alike. This is being driven by the explosive volume of activity on the Cardano blockchain that has seen it outstrip even Ethereum in daily transaction volumes for a short period of time earlier in the week.
Metaverse-centered hype and the integration of DeFi elements into such digital environments are also playing into the hands of Cardano (ADA), which was recently lauded as the DeFi project in the space at the past AIBC gaming summit. Bullish sentiments are fueled by announcements made by network founder Charles Hoskinson, who stated that Cardano is eyeing evolving into a holistic metaverse for gaming and DeFi applications.
ADACash and other projects hosted on the Cardano blockchain are piggybacking on the success and capitalization of the network in recent weeks. The latest influx of institutional funds in the amount of over $16.4 million was made mere days ago, giving grounds to believe that Cardano’s roadmap for 2022 will be expanded to satisfy ballooning expectations from both investors and users.