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Sorry if the question seems trivial/silly, but where is the ~10B ADA that is not actively staked? It seems like any actor (individual, business, exchange, etc) has every incentive to stake their ADA. Even if a lot of people are holding their ADA on exchanges, I would expect that exchange to stake it for them and reap the rewards... so what gives?

(Perhaps we can exclude the ~700 million that is in the catalyst treasury, but still its a a LOT of unstaked ADA.

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This is a great question. I was thinking a very similar thought the other day. However, I am thinking it has to be exchanges.

This is speculation but I would imagine staking someone else's Ada posses a legal risk. I don't think it would be far fetched for someone to file an Antitrust law on them for doing so (at least in the U.S). This is also why I think Binance US doesn't allow staking Ada.

Again, this is speculation, but it is what I have came up with as the reasoning.

I hope it helps! And please correct me if any of this is known to be false.

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    I would agree completely if it weren't for the ~60 or so fully saturated pools that Binance operates on mainnet. Maybe they have some special legal provisions that other exchanges don't have, but for some reason I doubt it. I'm also speculating, but there's no way they own >3B ADA.
    – zhekson
    Commented Nov 10, 2021 at 19:09
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    You are on the same brainwave as me. I was thinking that Binance is for sure staking US wallets and not rewarding them. But I am thinking Coinbase and other exchanges, maybe?
    – Jacob - SNOWY Pool
    Commented Nov 10, 2021 at 19:11
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    Gonna have to try and get this one in on one of Charles' next AMA's :)
    – zhekson
    Commented Nov 12, 2021 at 16:34

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