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Cardano Finally Launches Shelley Mainnet After 5 Years of Development

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Cardano has finally launched the highly anticipated Shelley mainnet, which now allows staking pools and delegations for all users who invest in ADA digital currency. Technically, the event that took place on 30 July marks the “hard fork” that amended the blockchain code of Cardano.

The hardfork mainnet Shelley updates the network from the previous iteration, Byron. Going forward, staking on the Shelley mainnet involves holding massive quantities of ADA. The advantage of staking Cardano’s native token on the mainnet is that there’s a big chance to earn even more ADA rewards for validating the blockchain.

Shelley mainnet targeting 1,000 staking pools

Notably, the staking rewards are powered by the Ouroboros protocol, which decides who will add the next block to the Cardano blockchain. In addition, the Shelley hard fork also allows users to operate a functionality referred to as a staking pool, enabling you to stake the crypto of other users on the basis of their interests or to delegate their ADA to another user on their account.

In a press release, the IOHK reported that it expects Shelley’s stake pools to exceed approximately 1,000, based on the number of stake pools delegated during the testnet. About 444 stake pools are currently active on the Shelley mainnet. The pioneering block on the Shelley mainnet was validated on the testnet version of April 27. Typically, testnets do not involve the use of real funds. However, IOHK subsidized Shelley testnet, meaning that the participants were in for the blockchain’s long-term future.

Cardano users to earn 4.63% annually on staked ADA

As per Cardano’s website, users are estimated to earn 4.63 percent annually in interest for staking ADA tokens. However, this figure might change based on the number of participants. The users who will stake their tokens between July 29 and August 3; will be entitled to receive their initial reward on August 18.

Furthermore, the staking functionality of the Cardano blockchain has been under development since 2018. The project invited participants to stake real money on Shelley’s testnet version in December last year; after several months of development. Regardless, the hype seems to have repaid; Cardano blockchain has lured about 14,000 new addresses daily in July.

Cardano Set to Open Shelley Testnet Today as Price Spikes by 60 Percent

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It is an extremely important day for the 10th ranked Cardano. After days of anticipation and development over the last few years, Cardano Shelley’s testnet is about to go live, as the ADA phase will open to its stake pool operators on 9 June. Back in May, the test was only open to a specific group of people considered to be ‘Friends and Family,’ which included about 50 stake pool operators.

The announcement on Twitter was made by the Input-Output HK(IOHK) official page, where Tim Harrison, Marketing, and Communications Director of Cardano revealed the ecosystem plan to open its stake pool and preparing the mainnet staking and delegation for later this summer.

However, Harrison pointed out that the system is far from perfect, as though it will be a mirror representation of the Shelley manner, it is a testnet for a reason to identify other bugs and issues.

Cardano Price and Social Engagement

With a sense of excitement surrounding the Cardano space, the start of June has been extremely positive from a valuation perspective. Since May 28th, Cardano’s price has spiked by a massive 64.09 percent as the valuation stretched an uptrend from $0.055 to $0.090. The momentum might have slowed over the past two days at $0.09 but continued to consolidate right under at $0.085.

Other data sets also suggested that the recent announcement has spiked Cardano’s social engagement according to LunarCrush. The organization recorded over 1 million interactions for the 10th ranked digital assets across multiple social media platforms.

ADA

However, according to intotheblock’s analysis, the recent surge might have been due to the influence of large investors. Around $7 billion worth of digital asset, which is almost 3 times more than Cardano’s market cap was transacted by the large ADA holders on May 31st.

Although the volume of large transactions continued to taper off since the peak, these price of ADA remained at high levels, as mentioned above.

“Crypto is a political movement”

The ever-active founder of IOHK, Charles Hoskinson recently stated in his Live AMA that all the crypto-fueled disruptions that have been indicated which respect to monetary relations, with not arrive in the space with hiccups as the digital asset industry is slowly becoming involved in a political cobweb. On June 5th, Hoskinson said,

“Crypto is as political as it gets. We are going to re-invent the concept of money and take it out of the government’s hand and control int ourselves.”