Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $2,120 trillion. Bitcoin is up by nearly 4% in comparison with last Sunday. Ethereum lost 2% in value over the week. XRP is down by roughly 4% after a troublesome week. Most altcoins, except Avalanche, have traded in the red for most of the week. The DeFi sector gained almost $1.4 billion from the…
On the 16th of December 2019, Cardano incentivized testnet went live. In less than 24 hours, 5.4 ADA already got staked by holders, representing 17% of the total coin supply. Even though IOHK operates some of the leading pools, several independent pools are also topping the pool tool charts.
This significant step envisions Cardano to achieve decentralization through supporting a large number of staking pools. As per the project’s roadmap, the blockchain’s incentivized staking system will reach equilibrium at 1000 pools. So far, the project is on the right track to meet its target.
Cardano’s Promising Results
Now that Cardano holders already staked 5.4 billion ADA, the platform’s profit calculator suggests that staking participants could earn over 10% per year. The latter can only happen if the level of participation continues. Fees and pool specifications also affect returns.
Cardano’s staking ratio is 17%, and leading coins, including ICON and Qtum, have similar ratios. As of now, it is not possible to join the testnet; nevertheless, Cardano will introduce staking to all users at the beginning of the year 2020, when its Shelley mainnet goes live.
A Bright Future
Since the creation of Cardano, the revolutionary Proof of Stake protocol has a clear focus on building a scalable, interoperable, and sustainable network. In turn, it hopes to provide effective crypto solutions to combat a plethora of future economic obstacles.
It hopes to upgrade its network from the current Byron mainnet, into Shelley, Goguen, Basho, and finally, Voltaire. Shelley will have a primary focus on introducing true decentralization into Cardano. On the other hand, Goguen will focus on smart contracts, Basho on scalability, and Voltaire on governance.
The blockchain offers great competition if it manages to roll out all the plans included in its roadmap with the Cardano incentivized testnet as a great step. Overall, users can hope for a thorough introduction of each face after enough research and testing for the best performance.