Half a Billion Dollar’s Worth of Ada is now Delegated to Mission-driven Stake Pools on Cardano
(Written by @elliothill at the Cardano Foundation)
Mission-driven stake pools truly make the world work better for all.
Today, we interrupt our usual article series to share some extra-special news with our community.
As many of you know, Cardano is focused on bringing social and financial inclusion to underserved communities and causes that need it most—and there are few better ways to do this than supporting existing charities that are already having an impact in local communities.
Driven by our community of mission-driven stake pool operators, the Cardano ecosystem is now realizing and exceeding this vision. We are delighted to share that over US$500,000,000 worth of ada is currently being delegated to charity-focused initiatives on Cardano through mission-driven stake pools.
The rewards from these pools, generated by the collective power of you, our Cardano community, are being donated to more than 100 charitable organizations worldwide. But what are mission-driven pools, and how do they differ from normal stake pools on Cardano?
What are mission-driven stake pools?
Mission-driven stake pools commit to donating a portion of their block rewards to charitable causes—either through ada directly where it’s accepted, or fiat currency, in addition to helping validate transactions on the Cardano network in the same way as other stake pools.
Not only do mission-driven stake pools validate network transactions and generate rewards to pass on to charitable organizations, but delegators themselves also receive staking rewards as normal. This represents a new and innovative way to tangibly support charities while also building your ada balance—with no upfront donation costs if you can’t spare your funds. The rewards generated from a mission-driven pool are similar to those generated by purely for-profit stake pools, which means delegators can drive social good while also meeting their personal crypto goals.
Recipient charities, chosen by the mission-driven stake pool operators themselves, span a wide range of campaigns, geographies, and beneficiaries. These include humanitarian charities, environmental initiatives, and animal protection alliances to name a few. Some of the largest mission-driven stake pools make regular contributions to charities such as Save the Children, The Water Project, SolarAid, and many more.
Together, more than 10,000 individual delegators—ada holders like you—have pledged a proportion of their personal ada holdings to more than 60 mission-driven stake pools on Cardano.
This represents one of the largest collective giving communities in the entire blockchain space, a huge achievement that everyone in our ecosystem should be proud of. A full list of mission-driven stake pools and their pledge amounts can be found here.
What’s next for mission-driven pools and giving on Cardano?
So, how do we make giving to charity on Cardano even easier? To start, the planned introduction of third-party payment gateways will greatly enhance the ability of charities to directly accept donations in ada, with a view to eventually facilitate the generation of staking rewards to give charities consistent returns on their ada donations. Payment gateways will also enable ada holders to support charities of their choice through direct ada donations.
Next, through transactional metadata on the Cardano blockchain, work is also underway to empower an immutable audit trail of on-chain ada donations—allowing delegators to independently validate that stake pool rewards are indeed being used for charitable purposes. This could have profound effects on how charities prove the impact of their donations in the future, powered by metadata on Cardano.
But for now, reaching US$500,000,000 of ada staked to mission-driven stake pools is a significant milestone for the Cardano ecosystem, proving that serious use-cases focused on social good and financial inclusion are already emerging from the Cardano community.
As Cardano continues to onboard new users and increases on-chain activity, the ability of mission-driven pools to create change will grow.
We sincerely thank all of our mission-driven stake pool operators, and their 10,000 strong delegators, for joining us on this journey.