ADA Gaining Traction, Cardano Warms Up Ahead of Shelley Testnet
After two years of research towards a stable network, Cardano is now ready to launch its testnet Shelley. The good news comes during a time when the blockchain firm is celebrating its second anniversary.
Meanwhile, the team in charge of the Testnet recently had; an AMA led by David Esser to respond to user queries. Furthermore, Esser clarified that the project launch had positive response from the community. and in particular the implementation of its new node, Jormungander.
During the AMA, most users wanted to know the benefits that come with the new Testnet. Nevertheless, the team stated they would be taking a snapshot of the blockchain soon to determine traffic and the amount of ADA within. It is important to note that ADA coins in the Tests Net cannot be spent, but rather be used to earn automatic rewards. However, the rewards are not necessarily transferred to the Mainnet, which means users will technically utilize the ADA.
Cardano Staking PoolsFurthermore, the network will not be delegated to Cardano users, because the blockchain firm will be running their own staking pools. The team also revealed they were partnering with leading crypto exchanges to provide staking support for ADA. However, the team did not reveal specific details about the project. Most importantly, the staking pool will fix the return rate of rewards to everyone on the project. As a result, the amount of ADA within the pool is not subject to any changes.
David Esser noted that plans were underway to set a 12% reward that will allow Cardano to compete with leading cryptocurrencies in the offering of staking.
ConclusionFinally, users will also have the option for delegating their ADA tokens to more than a single staking pool. This means they will be able to obtain maximum profits as the rewards are likely to diminish with time. In the course of next week, Cardano will release the third phase of its Testnet.
About The Author
Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.
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