23 Cardano Pools Stake 1.5 Billion $ADA in 12 Hours, Metadata Points to Coinbase Subsidiary

23 Cardano Pools Stake 1.5 Billion $ADA in 12 Hours, Metadata Points to Coinbase Subsidiary

A total of 23 new Cardano ($ADA) pools have staked about 1.5 billion ADA in the last 12 hours, in a move that increased the total supply of the cryptocurrency being staked to near 74%. The pools are seemingly linked to Coinbase subsidiary Bison Trails.

According to Cardano staking pool analytics platform pool.pm, each staking pool has more than 62 million Cardano staked, and the pools appear to be named after famous scientists.

All of the pools, the analytics platform ads, have over 5% margin and a 0 ADA pledged. Most were funded through 2 whale wallets with more than $30 million being staked by each wallet. These addresses, the firm  added, were funded two months ago from “Enterprise addresses.”

The pools do not have a homepage or description in their metadata, which is hosted on bison.run, a domain registered back in 2019. Taking this data into account, pool.pm speculated the pools are being hosted by Bison Trails.

Bison Trails was acquired by Coinbase last year and makes it easier for developers to participate in decentralized networks and build applications that connect to blockchain data. The company is a blockchain infrastructure platform-as-a-service Provider, meaning the pools may be being hosted on behalf of clients.

The move comes at a time in which the total value locked on Cardano’s decentralized finance (DeFi) ecosystem surpasses the $400 million mark. A widely-followed Ada whale has recently suggested they believe the TVL is going “into the billions soon” as more projects are launched.

The whale added that alternatives to decentralized money markets such as Compound and Aave are “lined up” and pointed to the Cardano community being “ready to bootstrap its own Defi growth.” Their comments came shortly after Cardano surpassed Kusama in terms of total value locked.

Earlier this month Charles Hoskinson, co-founder, and CEO of IO Global, the company responsible for Cardano’s research and development, suggested “we ain’t seen nothing yet” when it comes to TVL on Cardano, as several projects are waiting for the Vasil hard fork combinator (HFC) event, which is expected to take place in June.

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

Featured image via Unsplash

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