In the space of 24 hours that Cardano testnet went live, Cardano (ADA) holders have staked over 5 billion ADA coin, worth about $195 million. On December 15, IOHK took to its Twitter page to declare that over 240 staking pools have gone online sine Shelley went live. Recording about 120 staking pools during the first day of operation. Going by Shelley’s roadmap, IOHK is well on its way to attaining its target of 1,000 staking pools.
In the tweet by IOHK, it went thus: “Our incredible #CardanoCommunity has put in a remarkable effort this weekend, with over 240 pools (+ counting) getting ready for staking.” ADA holders have been expectant for the launch of Cardano’s Shelley incentivized testnet. In this testnet, users will be able to earn real ADA rewards that will be received by the end of the testnet season.
The IOHK team also provides Shelly testnet users a rewards calculator that allows them to calculate the valued amount they can earn from staking ADA tokens. Shelley mainnet will supposedly go live in early 2020, from which point staking will be open to all users. Staking is the process of locking funds in a crypto wallet to aid the operations of a blockchain network that will earn the user’s reward at the end.
The end of November saw the launch of Cardano’s AdaPay, an ADA payment gateway for traders. This gateway was created in partnership with the enterprise-grade fintech platform Coti, the solution permits traders to receive ADA payments with swift settlement in 35 fiat currencies directly in their bank accounts.
In November, Cardano’s incentivized testnet was led by two snapshots and those who partook were permitted to start taking this week. Those snapshots have ended, so it is no longer viable to join the incentivized testnet. Though Cardano will introduce staking to all users when its Shelley mainnet goes live in early 2020.
It is still ambiguous if the Shelley testnet will surge participation. Though it is projected that the mainnet’s user-friendliness should interest more users. The authenticity of staking will likely die down in the meantime. The next several weeks would show if Cardano’s pool count and staking ratio are viable in the long term.
Cardano (ADA) Price Today – ADA / USD
Cardano holders have already staked about 5.4 billion ADA ($200 million), signifying 17% of Cardano’s coin supply. According to Cardano’s profit calculator, if this level of participation persists, staking participants could earn more than 10% yearly. Though, fees and pool specs will affect returns as well.