Cardano’s Shelley testnet is off to an amazing start and is still expected to fly higher. This is because less than 24 hours after the testnet went live, the Cardano community staked about $195 million worth of ADA coins.
The impressive start confirms that the community was anxiously waiting for the official Shelly launch. Pooltool data showed that members of the community staked more than 5 billion ADA coins, representing about 17% of the entire ADA supply. In addition, IOHK also posted a tweet just yesterday, announcing that more than 240 pools had already been taken, with half of it happening on Shelley’s first day.
Shelley is Cardano’s second era after Byron, with three others to come including Goguen, Basho, and Voltaire. According to Cardano’s roadmap, the different eras will be “delivered sequentially” even though all of the work including research, prototyping, and development will happen almost simultaneously.
For Shelley specifically, Cardano says that the era will end with Cardano being “50-100 times more decentralized than other large blockchain networks.” Cardano also has a goal to reach 1,000 staking pools.
For clarity and transparency, the Cardano website includes a Rewards Calculator. The calculator allows stakers to get a close enough estimate of earnings depending on how much is staked at a given time.
The company, however, states that the network is still being tested and there could be certain changes made to network parameters. These changes could easily make actual rewards vary considerably from the calculated estimate. Also, the performance of the pool, if it doesn’t produce the expected number of blocks, could affect earnings.
The Shelley mainnet will be released sometime in 2020 and when that happens, all users will get the opportunity to stake and also earn staking rewards. With the mainnet, all staking participants will have the opportunity to get a possible 10% annually.
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