ADA Rallies as Coinbase Offers 3.75% APY for Staking Cardano

ADA Cardano Coinbase Market Staking
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Author
Ruholamin Haqshanas
Author Categories
About Author

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more
Source: AdobeStock / concept w

 

Cardano (ADA), a so-called “Ethereum Killer,” has broken above the USD 1 mark following the news that major crypto exchange Coinbase would expand staking offerings to include the cryptocurrency.

Looking at the price at 10:02 UTC, over the past 24 hours, the seventh coin by market capitalization ADA has rallied to USD 1.13, gaining 16.5%. In the past week, the price is up by 35.3%.

ADA 7d price chart. Source: coingecko.com

The rally comes as US-based cryptocurrency exchange Coinbase is slated to offer around 3.75% annual percentage yield (APY) for staking ADA.

Prior to this, individuals had the option to stake cardano either on their own or via a delegated staking service. However, the process may have been confusing.

“With today’s launch, Coinbase is offering an easy, secure way for any retail user to actively participate in the Cardano network and earn rewards,” Coinbase said in the official statement.

As of now, the estimated annual return for cardano staking is around 3.75% APY, though rates are set by the Cardano network and can change depending on the number of staking participants. Basically, the higher the number of participants, the lower the APY rate — and vice versa.

Coinbase detailed that ADA stakers would be able to receive rewards every five to seven days as soon as the initial holding period completes, which is between 20 and 25 days. 

Additionally, users will maintain full control of their ADA holdings and would be able to opt out any time they want.

The 3.75% APY rate is notable given that the US Federal Reserve has been keeping its benchmark interest rate anchored near zero since the COVID-19 pandemic struck.

With the recent 25 basis point hike, interest rates have now entered into the range of 0.25% to 0.5%. This is still far from Coinbase’s pledged near 4% APY rate.

____

Learn more:
No New All-Time Highs This Year for Cardano, But Price Could Surge by 2030 – Survey
Number of Devs on Solana, Polygon, Cardano & Co Growing Faster Than on Ethereum

Staking in 2022: Ethereum’s Merge, Institutions, Layer-2, and Liquid Staking
Layer 2 in 2022: Get Ready for Rollups, Bridges, New Apps, Life With Ethereum 2.0, and Layer 3

Reports That IRS Won’t Tax Staking Rewards Create Legal Confusion in US; UK Taxman Updates Its Own Guidance
Tezos Staking Couple Ramps Up Pressure on US IRS with New Legal Brief

More Articles

Blockchain News
South Korean Lawyer Indicted in $7.9M Crypto Scam Probe
Tim Alper
Tim Alper
2025-02-10 03:00:00
Blockchain News
Japan’s SBI Posts Record Crypto Profits; Aims for Nation’s First USDC Listing
Tim Alper
Tim Alper
2025-02-09 23:30:00
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors