A fourteen-year-old native of the Netherlands would prefer to receive his pocket money in cryptocurrency.
What Happened: In a handwritten note shared on Twitter, the teenager asks his father, who owns and operates a Cardano (CRYPTO: ADA) stake pool, to give him his weekly allowance in ADA instead of fiat currency.
— NEO Stakepool (@neo_stakepool) July 12, 2021
“I always hear you speak about your coins and Cardano. Always enthusiastic and with a smile and that it’ll be the future. I have for this reason decided that I would like to get my pocket money in ADA from next week,” said fourteen-year-old Noah in the note.
Noah concluded the note by adding, “Don’t you think this is a smart contract?”
Why It Matters: Staking is a way for long-term crypto holders to earn passive income on their investments by delegating their cryptocurrency to various stake pools.
According to data from Staking Rewards, Cardano has over $29.5 billion in staked value leads as the crypto-asset with the largest amount staked.
Over 69% of ADA’s circulating supply has been staked so far, earning an average reward of 6.63% per annum.
Read also: What is staking
“Not only does staking lower the opportunity cost of holding cryptocurrencies versus other asset classes, but in many cases, cryptocurrencies pay a significant nominal and real yield,” said the analysts.
Price Action: At press time, ADA was trading at $1.26, down 3.12% over the past 24-hours.
Ethereum was down by 3.91% during the same period, trading at a price of $1,949 at the time of writing.