Alonzo Smart Contract Incites $30 Billion Cardano Staking

The Alonzo smart contract testnet that Cardano launched on May 27 kept users in anticipation. Recently, the makers of Cardano confirmed that Alonzo can now deploy smart contracts. With this, $30+ billion worth of ADA has been staked as users are getting excited over the recently reached milestone.

In a Goguen Alonzo Development Update, the team noted that they are:

We’re now firmly in Alonzo Blue, with a small group of SPOs running the network – joined by early pioneer helpers – and Plutus smart contract scripts running successfully. It’s early days but looking good so far.

Cardano’s staking differentiates itself by not having a lock-up period. This allows users to earn a passive income without worries about the vesting durations.

Data tracking site PoolTool shows that over 70 percent of Cardano’s total supply is staked. The staking took place in 2,671 staking pools with more than 600,000 total stake addresses. At the moment, coin information websites such as CoinMarketCap and CoinGecko place Cardano as the fifth-largest cryptocurrency by market capitalization. At the time of writing, Cardano’s price is trading at $1.31.