Cardano Staking Rewards are More Than Expected. On Sunday, when the staking rewards were paid out for the first time, they received more than seven million ADA tokens, which is equivalent to $831 million.
Tomorrow, another batch of payments is to go out and it’s going to be about 12 million ADA tokens. Before the Shelley mainnet launch, users expected to receive an annualized return of 4.6% ADA tokens. After the update, however, they received 5.1%. The Cardano development team is happy with the feedback from the community and they posted the following about the update;
“We couldn’t have asked for a better response from the community, who have jumped into operating stake pools and are reliably making blocks. This is shown by the 1,138 stake pools currently active, which is around the desired equilibrium for the network.”
They said that more than 40,221 addresses have staked about 13.5 billion ADA tokens since the staking started. The staking process is one of the many benefits that come with the proof-of-stake network. It also comes with other benefits like network validators and security. They said;
“First Cardano staking rewards are in!” exclaimed one Cardano staker, adding, “This is now the norm every 5 days ? Pretty much every stake pool made +-5.5% (that made a block).”
Charles Hoskinson said that everything has gone according to plan with the first staking issuance and they expect things to move smoothly subsequently. In his words;
“I just wanted to make sure everyone got what they expected, the staking calculator was accurate if there were any problems. Or if everything was looking good.”
Cardano ADA Continues to Decline as Market-wide Rally Continues
In other news, the Cardano ADA token has been bearish for the last few days. At the time of writing, the price of the token was $0.112388. This means that it is down by 0.85% against the USD and down by 1.22% against Bitcoin BTC. The trading volume over 24 hours was $327,276,482 and the market capitalization was $2,913,901,106. The token has been bearish for the past few weeks but things became worst when the Bitcoin BTC token declined earlier in the week.
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.
- Cardano Community Members Surprised as Staking Rewards Following Shelley Update are Higher Than Expected
- Cardano ADA Continues to Decline as Market-wide Rally Continues
It’s been over a month since the Cardano Shelley hardfork was completed successfully and staking rewards have been paid out to participants. The migration to the proof-of-stake network from proof-of-work was smooth and steady and it has been in the works for more than five years.
Users were excited to note that the staking rewards they have received for the incentivized testnet are more than they anticipated. The first batch of rewards came in on Sunday and that’s all the Cardano community has been talking about since then.