Cardano’s IOHK celebrates 120 staking pulls less than 24 hours after testnet launch

The research firm in charge of developing Cardano, a major cryptocurrency, IOHK was delighted to announce the fantastic performance of the newly launched testnet. According to IOHK’s tweet, Shelly Stake Pools recorded over 120 staked pools less than 24 hours following the debut.

Wow. Less than 24 hrs since we opened the doors for set up and over 120 stake pools onboard already! If that's you, welcome! Be sure to share your ticker below so ada holders can start deciding who to delegate to next week #ShelleyStakePools @Cardano @emurgo_io

— Input Output (@InputOutputHK) December 14, 2019

Users across the network are excited for the development and are convinced that the stake pools will soon hit 1,000. The surge represents 17% of the Cardano (ADA) coin supply. At the moment, most of the leading pulls are run by IOHK. However, a significant number comes from the private independent pulls.

Cardano’s Shelly mainnet is supposed to introduce decentralization in the network, support a colossal number of staking pulls, increase network speed among others. Staking secures the network while at the same time allows coin owners to earn additional tokens to the tune of 10% of the staked amount annually.

Cardano is trading at $0.0360 on Monday after losing 0.41% of its value in the last 24 hours.