- 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:
It's here. The Daedalus Rewards wallet for the Shelley Incentivized Testnet is now available to download. Choose a pool, delegate your stake and earn real ada rewards, starting right here https://t.co/sbeVQrhiwV #CardanoCommunity #ADA pic.twitter.com/E7j89iUXxI
— Input Output (@InputOutputHK) December 16, 2019
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.