Cardano’s Incentivized Testnet Goes Live with Promising Results

News / 16.12.2019

Cardano’s incentivized testnet has gone live and the results are encouraging. 5.4 billion ADA has already been staked by holders, representing 17% of the total coin supply.

IOHK announced:

Although IOHK itself operated some of the leading pools, several independent pools are also topping the charts at PoolTool. This is a good step for Cardano, which is envisioned to achieve decentralization by supporting large number of staking pools.

According to the project’s roadmap, the blockchain’s incentivized staking system will reach equilibrium at 1,000 pools. This means that the project is on the path of meeting its target.

Data from PoolTool suggests that Cardano holders have already staked about 5.4 billion ADA.  According to Cardanao’s profit calculator, staking participants could earn over 10% each year, if the level of participation continues. It is important to know that fees and pool specifications will also have effect on returns.

Cardano’s 17% staking ratio is an impressive start, looking at the fact that other leading coins like ICON and Qtum have similar ratios.

The project’s testnet was preceded by two snapshots in November. Only those who participated in the snapshots were allowed to start staking this week. It is no longer possible to join the testnet since the snapshot has ended. However, Cardano will introduce staking to all users in early 2020 when its Shelley mainnet goes live.

Featured Image Courtesy of Shutterstock. Source: CryptoPress.

Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.