Cardano<\/a>\u2018s DeFi ecosystem is slowly starting to take shape, thanks to the network\u2019s Alonzo hard fork earlier this year. The hard fork paved the way for smart contract integration. In fact, its first decentralized exchange, SundaeSwap is all set for its testnet launch<\/a> later today. These developments have led to an increased interest in Cardano, and the holders of its native tokens ADA are reaping the benefits.<\/p>\n Earlier today, the network reached an \u201cincredible milestone\u201d as the number of wallets staking ADA reached 1 million. This feat records an almost 1000% growth in less than a month.<\/p>\n We did it! https:\/\/t.co\/cpQCV8LQdo<\/a><\/p>\n \u2014 Charles Hoskinson (@IOHK_Charles) December 5, 2021<\/a><\/p>\n<\/blockquote>\n Cardano\u2019s Proof-of-Stake consensus mechanism allows ADA holders to delegate their tokens in order to participate in the network and earn rewards according to the amount that they have delegated. The blockchain offers a 4.6% return<\/a> on staked ADA delegations.<\/p>\n What\u2019s more, over 71% of all ADA<\/a> currently in circulation has been staked, which was worth around $33 billion at press time.<\/p>\n Cardano\u2019s venture into the DeFi space has inarguably contributed to this growth. However, its growth can also be attributed to product development such as the recent launch of Cardano\u2019s Yoroi wallet. According to its developer EMURGO, Yoroi is a light wallet that is designed to simplify<\/a> ADA staking by providing a significantly easier user interface than the erstwhile popular Daedalus\u2019 full node wallet.<\/p>\n However, other Cardano staking projects have also been noting significant growth in recent months. Since first launching its initial stake pool offering on 1 November 2021, Cardano powered media launchpad Flickto already has 1.5 million ADA staked<\/a> on its platform.<\/p>\n Staking has also been an alternate source of revenue for ADA holders. They have been waiting for the cryptocurrency to show positive price action. The token has lost over 30% of its valuation in just the past month, and over 50% since it reached an all-time high in September when the Alonzo hard fork took place. Far from marking a rally, ADA has not been able to breach<\/a> the $2.28 resistance since then.<\/p>\n<\/div>\n\n
More developments on the way<\/h3>\n