- Cardano Followers are Happy as Network’s Incentivized Testnet Snapshot Happens Today
For our Cardano news today, the latest on the Cardano Shelley testnet has been revealed. According to the ADA news, the long-awaited Cardano Shelley incentivized testnet happens today. The event is scheduled for noon UTC. A snapshot of user balances in the Daedalus and Yoroi wallets is set to initiate the staking process. The scheme will allow ADA holders to earn rewards after they stake their digital assets at a later date. Developers at IOHK believe the incentivized testnet snapshot marks a milestone in the network’s goal of achieving total decentralization.
How the Cardano Shelley Era Began
As stated above, the Cardano Shelley phase is regarded as a huge step towards complete decentralization. The network hopes to achieve this by incentivizing its participation through staking and increasing the delegation of community-run nodes. Developers expect the initiative to facilitate long term participation in Cardano. Developers have predicted that Cardano will be more decentralized than other network’s ones the initiation of this phase is complete.
Cardano (ADA) Price Today – ADA / USD
Name Price $0.043 -4.03%
The Cardano community is happy with the Cardano news for today regarding the real rewards on offer on the Cardano Shelley testnet incentivized. Developers are of the view that this is the best way to assess their theories on incentivized Cardano Shelley testnet. All the same, many ADA holders still don’t understand the process. The network has called on anyone willing to participate in the scheme to make sure their tokens are in either a Daedalus wallet or a Yoroi wallet not in an exchange wallet or hardware wallet. The ADA news also adds that the first snapshot is merely a dry run that doesn’t affect user testnet participation.
Per the ADA news for today, a testnet wallet will be available for users to download in the coming days. After downloading, users can restore their account with their 12-word recovery key. After which they verify that the restoration process has worked and their test balance is accurate.
Today’s Cardano news did not significantly boost the price of the ADA token as Cardano only went up by only 2% in the last 24 hours. it is currently trading at $0.044. Note that this price action forms the end of Cardano’s upward trend since the end of October. Many commentators have cited the low ADA supply on exchanges (as users move their holdings from exchanges to their Daedalus wallets or Yoroi wallets due to today’s snapshot) as the reason for Cardano’s price trend. All in all, Cardano’s fundamentals remain strong for now.