Cardano’s Incentivized Testnet Goes Live with Promising Results
Wow. Less than 24 hrs since we opened the doors for set up and over 120 stake pools onboard already! If that's you, welcome! Be sure to share your ticker below so ada holders can start deciding who to delegate to next week #ShelleyStakePools @Cardano @emurgo_io
— Input Output (@InputOutputHK) December 14, 2019
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.
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.