Sunday, April 11, 2021

Over 10 Billion ADA Now Staked By Cardano Users

According to the data made available by AdaPools.org, 24,000 delegators have staked over 10 billion ADA tokens within a few days of Shelley hard fork.

This implies that relatively 40% of the ADA’s 26 billion circulating supply is already working to participate in the governance of the Cardano network.

Another good news is that the number of registered stake pools is getting closer to attaining 1000 mark. At the moment, relatively 890 stake pools are already active. This number is expected to keep increasing considering the rise in the interest of users.

Reaching 1000 stake pools means that the network has attained an adequate level of decentralization.

Over 10 Billion ADA Now Staked By Cardano Users
Courtesy of adapools.org

Why Is the Need for Registered Stake Pools?

Stake pools are necessary for the Cardano network to make sufficient node operators available, unlike other crypto projects running on proof-of-stake (PoS) protocol.

Cardano community members have the choice to register their own pool or join the existing pools. Obviously, the former option will result in larger rewards.

So as to be certain that a single pool is not dominating the whole Cardano network, users are incentivized to have access to other options as a result of a decrease in fees.

IOHK Releases Daedalus 2.1.0

According to IOHK, the tech firm behind the development of Cardano (ADA) led by Charles Hoskinson, Daedalus 2.1.0 has been released. The report stated that the new version comes with new features such as Incentivized Testnet (ITN) rewards redemption and spendable rewards.

IOHK tweeted, “OUT NOW: Daedalus 2.1.0 is the first major update to the Daedalus wallet and introduces two new features: ITN rewards redemption, and spendable rewards.”

Over 10 Billion ADA Now Staked By Cardano Users

To make it more elaborate, IOHK stated that “The “Redeem Incentivized Testnet rewards” feature lets you redeem ITN rewards to a Shelley wallet. This requires both the wallet recovery phrase (from the Daedalus Rewards wallet containing the rewards) and a Shelley wallet with enough funds to pay the transaction fees.

“Download today, only from the official site. Rewards included in the wallet balance are now spendable automatically when transactions occur. And completely transparent for users. Enjoy redeeming your ITN rewards. And happy staking!”

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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