Cardano Staking Takes Off: 5 Billion ADA Staked in 24 Hours

Record-Breaking Staking in Less than a Day

In an impressive display of enthusiasm, Cardano (ADA) holders staked over 5 billion ADA coins—valued at approximately $195 million—within the first 24 hours of the testnet launch. That’s like throwing a giant party where everyone is invited, and people just keep arriving with their ice cream sundaes!

Number of Staking Pools Soars

On December 15, IOHK, the company behind Cardano, tweeted with excitement that more than 240 staking pools had launched since the rollout of the Shelley phase. It’s like witnessing a stampede, but instead of people, it’s crypto enthusiasts rushing to seize their share of the staking pie. On its first day alone, there were about 120 active pools, and the roadmap indicates that IOHK aims to hit the ambitious target of 1,000 pools.

The Community Stepping Up

The Cardano community demonstrated incredible dedication, prompting the officials to state, “Our incredible #CardanoCommunity have put in a remarkable effort this weekend.” It’s a classic case of everyone chipping in, kind of like a neighborhood potluck—everyone’s bringing something to the table.

Earn While You Stake

ADA holders have been eagerly waiting for the launch of the Shelley incentivized testnet, which promises real ADA rewards for participants over the staking period. Just think of it as a rewards program at your favorite grocery store, but way cooler! For instance, someone staking 100,000 ADA (around $3,600) could see approximately $260 in rewards annually. That’s some nice pocket change just for letting your crypto do the heavy lifting.

A Quick Primer on Staking

For the uninitiated, staking is the process where participants lock their funds in a crypto wallet to help maintain the operations of a blockchain network. Think of it as being part of an exclusive club; you contribute to the community and get rewarded for your loyalty. Who wouldn’t want to do that?

AdaPay: The Merchant Payment Revolution

But wait, there’s more! At the end of November, the Cardano Foundation launched AdaPay, a merchant payment gateway designed to accept ADA payments. Developed alongside the fintech platform Coti, this solution allows merchants to process ADA payments with “near-instant” settlement in 35 fiat currencies. Picture walking into a café and paying for your coffee with ADA, all while monitoring those delightful staking rewards grow.