The University of Wyoming will spend $ 4 million on node launches and staking for three cryptocurrencies. The expected income will cover operating expenses and will be used to disburse $ 4 million to the state investment fund.
According to records Caitlin Long, Founder and CEO of Avanti Digital Asset Bank, tweeted the University of Wyoming’s $ 4 million in State Strategic Investment and Projects Fund to build, operate and maintain “nodes and staking pools for at least three publicly traded cryptocurrencies “.
NEWS NOT REPORTED YET: State of #Wyoming appropriated $4m for nodes/staking in at least 3 cryptocurrencies, run by Univ of Wyoming. This kickstarts program where gains from this pool, if matched by private donations, go to fund UWyo! @rothfuss https://t.co/LDul3iGtS4 pic.twitter.com/KxFVm5YhLp
— Caitlin Long (@CaitlinLong_) April 28, 2021
The proceeds from the University of Wyoming staking pools will first be used to cover operating expenses and then to pay $ 4 million to the state investment fund. Upon return on investment, staking profits will be distributed “to support blockchain programs and activities at university and college campuses throughout the state.”
Wyoming Legislator and Chairman of the State Blockchain and Fintech Committee Chris Rothfuss praised the “titanic efforts” of the legislative committee that made this initiative possible. As a reminder, last week the State of Wyoming also allowed the DAO to be registered as a legal entity.
Many Twitter users commented on Long’s post, assumingthat Cardano (ADA) may be one of the assets that the university has chosen for staking. One of the commenters shared a link to information about the staking pool, which, according to CardanoStaking.info, is operated by the Advanced Blockchain Lab of the University of Wyoming.
Recall that according to StakingRewards, Cardano and Polkadot retain their dominant position among staking-enabled blockchains. Tezos continues to lose ground, while Solana and Ethereum 2.0 are gaining momentum. Staked predicts that total staking rewards on PoS blockchains will double by the end of this year to $ 18.9 billion. EIP-1559 and the upcoming merger of the two Ethereum versions are driving staking popularity.
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