In less than two weeks since its launch, Cardano’s Shelley network performance has been short of impressive. The latest from its dedicated staking metrics tracking site shows that there are over 25,000 Daedalus and Yoroi wallets staking ADA in 919 Staking pools, with the number increasing daily.
This buzzing activity on Shelley now puts the total market cap of staked ADA at over $10.4 Billion, representing a 33.5% increase since launch. The comprehensive website also shows that the Cardano community is setting up staking pools from all around the world including the US, Canada, Japan, the Philippines, and Africa.
Cardano’s recent release of the Daedalus wallet has boosted staking activity after fixing a few critical bugs and enabling people to redeem Incentivized Testnet rewards that were accumulated during the Shelly Testnet period.
On August 8, IOHK also released a short video outlining the delegation process in three simple steps to demonstrate the easy process of delegating ADA and to demystify the complicated nature associated with Cardano.
Additionally, Cardano is looking to make delegating even more convenient with its latest update of Yoroi Nightly’s Android update on Tuesday.
Cardano’s Decentralized Ecosystem Is Well Prepared for Future
An audit of Cardano’s Shelley network after its hardfork in July by Smart Contract Firm Quantstamp, the firm stated that Cardano’s codebase is “one of the best, second best to Ethereum’s Prysm and better than Tezos”.
The Cardano community celebrated the news, considering that Cardano is yet to develop any smart contracts or native assets, unlike Tezos. The report stated that the smooth launch of Shelley and the time taken to develop the code shows that the Cardano team clearly put a lot of effort to properly engineer the codebase.
“We also audited Prysm from Eth 2.0 and we would say that in terms of quality, similar to Prysm, it is one of the best codebase we have seen.”
Cardanians.io, one of the biggest Cardano supporters and staking pool operators maintains that Cardano’s decentralized ecosystem represents one of today’s greatest opportunities that will thrive more with further adoption.
“It is going to be even better with tokens, smart contracts and other features… #Blockchain technology is a revolution and we need people.”
Meanwhile, ADA has been unable to break above $0.14, even after recent listing on Hong Kong-based Bitfinex, which was speculated could boost ADA’s price past the $0.15 mark.
However, with Bitcoin and Ethereum showing signs of further rallying, ADA could benefit from the crypto market rally and the highly-anticipated listing on Coinbase.