Participants in the Cardano Shelley Incentivized Testnet can Redeem Their Rewards. IOHK published an article on its official blog stating that the rewards for the Shelley Incentivized Testnet will be redeemable from tomorrow and all those using the updated Daedalus wallet will be able to redeem their rewards.
Part of the blog post was as follows;
“An upcoming mainnet release of the Daedalus wallet will include a dedicated “Redeem Incentivized Testnet rewards” feature, which will allow the redemption of the ITN rewards to a selected Shelley wallet in Daedalus.”
After downloading the updated Daedalus wallet, users can activate it by imputing their 15-word recovery phrase which will allow them to restore their ITN rewards and move them into the new Daedalus interface. From their Daedalus wallet, they can transfer tokens for a few. IOHK also mentioned that the Shelley Incentivized Testnet is the first-ever on the blockchain that allowed developers and users to create staking pools without stress. The reward for their efforts made the process more appealing.
The Shelley ITN laid the foundation for Cardano to migrate to a fully decentralized era. This is why some developers and community members have asked IOHK not to destroy the Shelley infrastructure even after staking ends. Taking to Twitter one Cardano ADA holder said;
“Yoroi and Daedalus Wallets should have the voting capability built into wallet. JorVote was not properly communicated and many felt uneasy putting in wallet keys. Been invested since 2017 and for the 1st time this was a downer for me@IOHK_Charles.”
Cardano ADA Holds the Line at $0.1425 Despite Market-wide Bearish Pressure
At the time of writing the price of the token was $0.142599. This means that it was down by 0.71% against the USD and down by 0.64% against Bitcoin BTC. The trading volume over a 24 hour period is $513,621,618 and the market capitalization is $3,697,177,633. The token has found relative stability at the $0.142500 level and will most likely hold the line for the next few days.
The next few days of trading will determine if the price of Cardano ADA will make any progress above this level or fall lower.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- IOHK Finally Sets a Date for the Shelley Incentivized Testnet Rewards
- Cardano ADA Holds the Line at $0.1425 Despite Market-wide Bearish Pressure
The Cardano development team completed the Shelley hardfork a couple of weeks ago. While everything happened smoothly, they weren’t able to give out the Shelley Incentivized Testnet rewards on the scheduled date.
The Cardano community was a little disappointed when the day came and went but IOHK has finally rescheduled the date for reward redemption to tomorrow, August 9th, 2020. This is about one week from the original date which was August 3rd, 2020.