IOHK Launches Cardano Daedalus Rewards Wallet For ADA Staking On Shelley Testnet

  • Cardano is now offering its users the Daedalus Rewards wallet for staking ADA.

Cardano is among the largest proof-of-stake (PoS) projects based on blockchain technology. It has recently launched the Daedalus Rewards wallet for staking ADA tokens, as an announcement released from Input Output Hong Kong (IOHK). IOHK is the research company helmed by Charles Hoskinson that’s behind Cardano.

This is what the IOHK tweet from December 17 says:

Cardano Wants to Reach a Level of Decentralization

On December 13, Cardano’s Shelley has started the Incentivized Testnet stage. With the launch of the Daedalus wallet, ADA holders will be able to obtain rewards if they delegate their tokens or act as stake pool operators, which can be very profitable for them. The rewards will become ready for spending after the Testnet is completed. With such an incentive mechanism, it’s more than clear that Cardano is trying to decentralize the network, this being the Shelley era’s main purpose.

Starting with December 15, more than 240 pools are available for staking. Cardano is looking to have its numbers growing to at least 1,000, so that the company reaches the needed decentralization level. It has already surpassed EOS and Tron, which are the main networks for delegated proof-of-stake (DPoS), when it comes to the staking pools’ numbers.

ADA Holders Have Staked $195 Million

Reports say ADA holders have staked more than 5 billion ADA coins, so about $195 million. The Shelley mainnet is expected to go live early in 2020. In case a user stakes 100,000 ADA ($3,600 at the moment), the staking rewards would be somewhere at $260 per year.

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Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

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