Singapore-headquartered cryptocurrency trading platform Bitrue has announced it will be “helping with the decentralization of $ADA” by staking with community stake pools. The exchange detailed it will be contributing 1 million ADA to several” pools.
A stake pool, it’s worth noting, is a “reliable server node that focuses on ledger maintenance and holds the combined resources -the ‘stake’- of various stakeholders in a single entity. “
According to Cardano’s documentation, stake pools are “ responsible for processing transactions that will be placed in the ledger, as well as producing new blocks.
Stake pools can be public or private, with private pools only delivering rewards to their owners. ADA holders can delegate to public stake pools if they “wish to participate in the protocol and receive rewards, but do not wish to operate a Cardano network node themselves.”
According to Cardano’s documentation there has been extensive research and development into “ensuring a fair, competitive marketplace that proportionately incentivizes participation, and rewards the investment of time, energy, and resources” when it comes to stake pools.
Bitrue is notably well-known for supporting the Cardano ecosystem. The exchange added ADA as a base currency earlier this year. A base currency is the first currency appearing in a currency pair. It represents how much of the second currency – the quote currency – is needed to get one unit of a base currency.
As CryptoGlobe reported, last year Bitrue became the first cryptocurrency exchange to offer support for native assets on the Cardano blockchain. The first user-defined Cardano token to be supported was $OCC, the utility token of OccamFi, a “suite of DeFi solutions tailored for Cardano.”
Bitrue first listed ADA trading pairs in April 2019, against USDT, BTC, and XRP. Its integration with Bitrue grew later that year as it was added to more products the exchange offers. Last year, Bitrue also launched ADA community staking pools and open-source contributions.
Cardano has recently become one of the top 10 holdings of whales on the BNB Chain, formerly known s the Binance Smart Chain, as investors are betting on the cryptocurrency ahead of its highly anticipated Vasil hard fork, which according to Cardano creator Charles Hoskinson will deliver a “massive performance improvement.”
Earlier this month, a panel of cryptocurrency industry experts predicted that the price of Cardano will explode to $2.93 by 2025, and to $6.53 by 2030, although experts believe that by the end of the year, the cryptocurrency will trade at just $0.63.
Similarly, an artificial intelligence-based price prediction model is suggesting that the price of Cardano’s native token ADA is going to surge to trade at $2.9 by September of this year, representing a significant increase from the cryptocurrency’s current price.
Featured image via Unsplash