Cardano Kicks off its Shelley Incentivized Testnet, Over $195 Million Worth of Staked ADA
Reports show that more than 5 billion ADA coins which is roughly $195 million have been staked by Cardano (ADA) holders. This was achieved within 24 hours after Cardano’s testnet went live recently.
IOHK tweeted the progress above on December 15, 2019,
Our incredible #CardanoCommunity have put in a remarkable effort this weekend, with over 240 pools (+ counting) getting ready for staking. Thank you. We'll let #ada holders know as soon as Reward wallets are available – sign up for alerts here https://t.co/fDjC3ORlYv 3/3 pic.twitter.com/Tp9M04p1FL
— Input Output (@InputOutputHK) December 15, 2019
The long awaited launch of Cardano’s Shelley incentivized testnet by ADA holders is because it has promising results and will give their customers a chance to obtain real ADA rewards, when the testnet has concluded.
More so, a rewards calculator by the IOHK team to customers will be made available as a bonus. The rewards calculator will allow the customers to roughly gauge the number of rewards they can receive from staking ADA tokens. If a user stakes 100,000 ADA which is around $3,600 currently, the earnings would be around $260 per annum in staking rewards. It is expected that in early 2020 Shelley mainnet will go live. Thereafter, all customers will have access to point staking.
Basically, staking is when funds are locked in a crypto wallet in order to support operations of a blockchain network and the participant then earns rewards.
Cardano’s ‘AdaPay’ November 2019 Launch
AdaPay was launched at the end of November 2019 by the Cardano Foundation; this is an ADA payment gateway designed for merchants. Cardano Foundation worked with Coti, a fintech platform to develop the solution. According to the announcement in October 2019, the payment solution is integrated directly using an AdaPay button or a QR-based point of sale system. Merchants can now accept ADA payments with “near-instant” settlement in 35 fiat currencies directly in their bank accounts through the AdaPay solution.