The Cardano project is preparing for the Shelley update, against which the ADA cryptocurrency exchange rate has grown several times. Messari CEO Ryan Selkis believes the coin can continue to grow.
Back in April, ADA was worth $ 0.03, but now it is trading at $ 0.13. The growth of the coin was affected by the successful testing of the Shelley update, which will add the possibility of staking for ADA. The founder and CEO of the analytical company Messari, Ryan Selkis, noted that the percentage of ADA blocked for staking will be quite low, so it makes sense to continue to buy this cryptocurrency.
“The potential mismatch between the number of blocked for staking and free coins ADA can be a good sign for the growth rate even after the upgrade. Of course, before launching Shelley, it is not known what percentage of coins will be blocked for staking. However, about 40% of the total number of ADA participated in the test network in staking. If the same proportion is maintained when the main network is updated, the percentage of blocked coins in the Cardano project will be significantly lower than in other similar projects – Tezos (80%) and Cosmos (71%), ”Selkis noted.
He also emphasized that a low percentage of blocked ADA coins means significant potential for the growth of the rate, as investors will buy this cryptocurrency in order to earn on stake.
Recall that the Shelley update was activated in early July. Before July 20, users must update the Cardano client and make sure that all funds are transferred to the new network. The first staking rewards will be available from August 18th.