ADA Whale argues that major finance/mining conglomerates now lead the leading crypto and leading altcoin project. As such, he says Cardano has found the right balance between dream and reality.
“This altcoin finds the right balance between fantasy and reality”
A popular Cardano (ADA) influencer recently made ambitious statements about Cardano. Influencer commented on the impact of major financial institutions and miners on both Bitcoin and Ethereum. Meanwhile, he said he believes Cardano has managed to find “the right balance between fantasy and reality.” The influencer, nicknamed ADA Whale, shared the following views:
Major financial/mining conglomerates now rule the two largest cryptocurrencies. To me, this is the antithesis of the original crypto dream of individuals running networks. With over 1100 block production pools and unattended delegation, Cardano finds the right balance between fantasy and reality.
The Cardano influencer commented shortly after a report from Blockchain analytics platform Nansen. The report revealed that before Ethereum Merge, five businesses owned 64% of all staked ETH.
These assets include cryptocurrency exchanges Kraken, Coinbase and Binance, which hold ETH on behalf of their users. Normally, users need to stake 32 ETH to become a validator on the Ethereum network. However, the staking services offered by exchanges allow users to stake ETH without meeting this threshold. That’s why they’re so popular.
“Cardano will be bigger than anything seen in crypto before!”
Also, the leading organization when it comes to ETH staked is Lido Finance, a decentralized protocol that provides users with liquid staking services. Those who stake ETH through Lido receive in return stETH, which represents their staked token. Nansen also explained that the second largest entity, called ‘unlabeled’, represents ‘all unlabeled addresses combined’. And not a single entity.
Similarly, it is important to note that Bitcoin’s hashrate is owned by large mining pools. These include F2Pool, Binance Pool and AntPool. However, they are made up of thousands of small miners who have the opportunity to exit one pool in favor of the other to prevent a single entity from controlling 51% of the network’s hashrate.
cryptocoin.com As you reported, ADA Whale said last month that it believes Cardano could become ‘bigger than anything seen in crypto before’ if decentralized governance on the cryptocurrency network works.
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