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11 days after the Cardano Shelley Mainnet launch, over 10 billion ADA has been staked, extracted data from the analytics website ADA Pool indicates.
Few days after the launch, there were more 465 pools. Now, there are close to 900 pools and IOHK is targeting around 1000 stake pools to reach an equilibrium of 1000 pools, which it achieved earlier during the testnet. During the testnet, more than 12 billion ADA was staked.
At the time of this compilation, around 10.24 billion ADA has been staked, (around 33.2% of the circulating supply) with delegators totaling 24,193.
The staking initiative has been in the oven since 2018, interestingly, after rigorous works, the Cardano team launched the initiative upon undergoing several researches and tests.
July 29, Cardano launched its Shelley Mainnet, therefore introducing staking rewards to ADA users. The upgrade gives staking rewards up to 4.65% per year to participants when they invest their ADA tokens.
Once the staking is complete, Cardano is going to unveil custom tokens, governance features, and smart contracts apps.
The Shelley launch brings Cardano to a new era and opens the network to myriads of opportunities, says Cardano creator Charles Hoskinson.
Since the launch, Cardano ADA has been performing excellently. The digital asset now maintains the 8th position, according to CoinMarketCap.
At the moment, Cardano is offering two distinct stakings. The first one allows technical users to launch their staking pools using comprehensive technical ideas, while those who do not understand much about the staking pool can delegate their ADA tokens to available pools and equally earn rewards without doing much.
Users have the advantage of earning rewards of up to 4.63% per year; however, things are subjected to change once participation grows higher.
Those who stake their ADA tokens between July 29 and August 3 are to receive their rewards on August 18.
Not long after the upgrade, exchanges have been updating their Cardano (ADA) wallet, and Binance, the largest crypto exchange confirmed receiving the new updated ADA wallet and resumed withdrawal shortly after.
Meanwhile, Charles Hoskinson has said the Cardano Shelley mainnet release would be the last time the crypto network will be doing something profound.
The Shelley launch moved the Cardano blockchain from the static and federated system to a dynamic and decentralized system.
Hoskinson said the Cardano blockchain came to deliver the promises that Bitcoin could not, hence the launch of Shelley.
July 1, Cardano rebranded ahead of its much-anticipated smart contracts rollout expected to be thrown into the world before the end of 2020.
The rebranding named Renovare was made possible with the help of the Cardano Foundation, McCann Dublin, and the IOHK marketing team.
Cardano launched an all-in-one website bringing everything about Cardano into a single website for easy accessibility.