TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

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

  • The incentivized Cardano testnet staking surges 17% of the supply.
  • Cardano staking pools could soon hit 1000, IOHK predicts.
Cardano’s IOHK celebrates 120 staking pulls less than 24 hours after testnet launch
John IsigeJohn IsigeFXStreet

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.

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.

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

Zcash Price Forecast: ZEC poses 20% downside risk amid steady ETF outflows

Zcash Price Forecast: ZEC poses 20% downside risk amid steady ETF outflows

Zcash price is trading below $1,300 continuing a steady decline over the past 10 days and slipping from its $1,698 peak on September 27. Grayscale’s ZEC Exchange-Traded Fund continues to record consistent outflows, with $8.49 million on Wednesday, suggesting reduced demand following the recent stock split.

Ripple and Stellar outlook: XRP and XLM test key support amid rising downside risks

Ripple and Stellar outlook: XRP and XLM test key support amid rising downside risks

Ripple and Stellar remain under pressure and extend their corrections as weakening derivatives metrics and broader macroeconomic headwinds weigh on sentiment. XRP and XLM approach a key support zone after three consecutive days of losses so far this week.

Samsung partners with Solana to integrate stablecoins into US Galaxy devices

Samsung partners with Solana to integrate stablecoins into US Galaxy devices

Samsung announced a partnership with Solana to integrate the US Dollar stablecoin issued by Circle, USDC, into US Galaxy devices, supporting cross-border remittances. The feature will be built into the Samsung Pay and Samsung Wallet apps, sharing the same screen used for displaying credit cards and boarding passes.

Cryptocurrencies face new security risk as Ethereum researcher warns of potential ECDSA break

Cryptocurrencies face new security risk as Ethereum researcher warns of potential ECDSA break

Ethereum (ETH) researcher Justin Drake has urged the crypto industry to begin preparing for a potential breakthrough that could undermine the cryptographic systems securing digital assets. In an X post on Wednesday, Drake called on the industry to calmly enter what he described as “bunker mode.”
Bitcoin: Is BTC setting up for an Uptober rally?

Bitcoin: Is BTC setting up for an Uptober rally?

Bitcoin (BTC) extends its gains, trading near $86,000 at the time of writing on Friday after closing September 6.33% up, reversing its seasonal weakness. Historical data suggest October could be a strong month for BTC, especially after a positive September.