- Migration From Proof-of-work to proof-of-stake Finally Successful After 5 Years of Planning
- Cardano ADA Price Corrects Lower Right After the Launch of Shelley Despite the Initial Bullish Pressure
Cardano News Today – Ever since Cardano was deployed five years ago, the development team has been working on moving the network from the proof-of-work protocol to proof-of-stake. After years of planning and months of preparation, the network has finally been migrated from Byron to Shelley successfully through the hard fork. The launch happened successfully yesterday. Thanks to Shelley, Cardano is now a fully delegated proof-of-stake system instead of the centralized federated system. Right after the launch, users were able to stake ADA directly from Ledger hardware wallets. In the next few weeks, support for Trezor will be available to everyone.
Cardano News Today – Cardano Shelley Finally Goes Live But ADA Corrects Lower
Right after the launch was completed, cold staking was started and users should expect to earn at least 5% APY on the ADA tokens they stake. Users can use their Cardano staking calculator to check the estimated staking rewards. The Shelley hard fork marks the beginning of a new chapter for Cardano. According to Charles Hoskinson, the technical development of Shelley required a lot of work. The first step of the migration was the launch of the Ouroboros BFT. This was subsequently followed by a series of other updates. Shelley is the most significant and the last of the upgrades in the migration. Shelley will introduce a new architecture that comes with new functionalities.
Cardano (ADA) Price Today – ADA / USD
When people start staking on the network, they will be visible to delegators. So far, many of the staking pools that were introduced during the incentivized testnet have already gone live on the testnet. This will make things move faster. A few hours after the migration was completed successfully, all the pools became visible on the Daedalus UI. If you’re a Cardano holder, you can delegate during epoch 0 until August 3rd. When it is complete, they will take the first stake distribution snapshot. All ADA holders will need to download the Shelley version of Cardano’s Daedalus before they can start using the wallet.
Cardano ADA Price Corrects Lower Right After the Launch of Shelley Despite the Initial Bullish Pressure
Meanwhile, the Cardano ADA token is now trading at $0.139143. It is down by 2.84% against the USD and down by 2.13% against Bitcoin BTC. The trading volume over a 24 hour period is $351,933,714 and the market capitalization is $3,607,566,311. After surging by over 300% against the USD, the token is now correcting lower against the USD. It’s not clear why the token is moving lower against the USD but there is still hope that the token might recover higher against the USD. The token is most likely moving in line with the rest of the cryptocurrency market.