Cardano Staking Portal Beta Explained – Everything You Need to Know about SingularityNET ($AGIX)

The Cardano staking portal is set to give AGIX holders a staking alternative.

Man running through Cardano Staking Portal with a ADA coin
  • SingularityNET (AGIX) has announced the time frame for the beta testing launch of the Cardano staking portal.
  • AGIX has gained significant value since 2023’s explosion of AI technologies.
  • The Cardano staking portal is set to give AGIX holders a staking alternative.

SingularityNET’s blockchain-built AI services marketplace has garnered the crypto community’s attention, with its native token AGIX recording a major increase amidst the 2023 AI craze.

On February 23rd, 2023, SingularityNET announced that its Cardano (ADA) staking portal would go live for beta testing in March. Thereafter, the portal is scheduled to launch on the mainnet in the first quarter of 2023, subject to successful testing and auditing programs.

Sponsored

The Cardano staking portal is expected to give AGIX token holders an alternative option of staking their tokens on the Cardano network, as opposed to only on the Ethereum (ETH) network, which is currently the only option for AGIX holders.

ADA Staking: A Game Changer?

The new staking portal initiative by SingularityNET resumes the Cardano versus Ethereum saga, wherein the nuanced staking mechanisms of the two networks have recently been placed in the same boat amidst government regulation discussions on cryptocurrency staking in the United States.

Cardano’s liquid staking mechanism allows stakers to withdraw their assets at any time with increased flexibility and convenience, and a minimum deposit of 2 ADA is required to participate in staking.

Ethereum staking, on the other hand, does not enable stakers to withdraw any assets after staking and requires a hefty 32 ETH (approximately $51,433 at the time of writing) minimum deposit to participate in staking.

Sponsored

As part of improving cross-chain interoperability, SingularityNET already launched an AGIX ETH-ADA converter bridge in April 2022, allowing users to convert assets between the Ethereum and Cardano networks.

The price of ADA and AGIX have recorded contrasting reactions in light of the Cardano staking portal announcement.

SingularityNET: The More You Know

In response to the news of the Cardano staking portal launch, the price of AGIX has increased 7.77% in the past 24 hours and is currently trading at $0.41. In contrast, ADA has plunged to $0.36 at the time of writing, recording a 5.11% decrease from its 24-hour high of $0.38.

SingularityNET is a decentralized AI services marketplace built on the Cardano blockchain network. It allows developers to create, share, and monetize AI services and applications globally. The platform is designed to foster collaboration and innovation in the AI industry and boasts a variety of notable partners.

AGIX is the native cryptocurrency of SingularityNET. It is used to facilitate transactions and payments within the platform and incentivize developers to create and share AI services and applications.

AGIX is traded on various cryptocurrency exchanges and has gained significant value amidst the explosion of AI technologies, recording a mammoth price boost of 853.50% since the start of 2023.

On the Flipside

  • Forbes attributes the recent upward trajectory of AI tokens like AGIX to the “AI bubble” kindled by technologies like ChatGPT and Dall-E.
  • The decline of ADA is transpiring in the wake of Cardano founder Charles Hoskinson’s current drama around contingent staking.
  • Cryptocurrency staking in the United States is facing a possible ban by government regulation from the U.S. Securities and Exchange Commission (SEC).

Why You Should Care

The AI and cryptocurrency industries are among the highest-valued industries in the world. Cardano and SingularityNET’s integration of blockchain technology with AI technology services demonstrates a triumph of modern innovation.

Find out more about the differences between Cardano (ADA) staking and Ethereum (ETH) staking:
Charles Hoskinson Chimes in as Cardano and Ethereum Communities Clash over Smart Contracts – Staking Differences Explained

Read more about the synergy of AI technology and blockchain:
Can AI Transform Crypto Staking? AI-Powered Staking on MOSDEX

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Monique Brelage

Monique Brelage is a South African cryptocurrency news reporter at DailyCoin focused on the Cardano (ADA) and Solana (SOL) ecosystems. She aims to convert complex topics into digestible and engaging news pieces for readers of all knowledge levels.   Before her journey with DailyCoin, Monique has immersed herself in the realm of NFTs and Web 3.0 since 2019. Her experience in multiple industries enables her to conduct critical analyses and convert it into her writing. She acknowledges the profound impact decentralization, Web 3.0 technology, and everything beyond will have on the future.   Monique completed a Bachelor of Communication from NWU in 2020. Her background in media studies, creative writing, and philosophy helped shape her method of news curation, thereby ensuring a broader perspective to help readers remain critical of what they see. Monique's articulation, writing quality, and work ethic are professional qualities she takes pride in.   Monique lives on a farm in South Africa with her partner and cat. She works on her NFT and tattoo art in her free time, and enjoys the natural world around her. She likes reading material that broadens her perspective, indie music, and video games to blow off some steam.