- Cardano recently launched an Incentivized Testnet for its Shelley, with the tests being successful.
- The testnet went live on May 11th, with well over 30 stake pool operators so far.
- Meanwhile, ADA's price saw a positive performance, but there are still many resistances to overcome.
Cardano (ADA) is in the middle of a very exciting period, as one of its five eras of development, Shelley, saw its launch. The incentivized testnet phase of Shelley is already here since May 11th, which marked a major milestone for the project.
The tests were a major success
As many may know, the Testnet was made to try out incentivization in real-world circumstances. It allows Cardano token holders to earn rewards by either running a stake pool or delegating stake.
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The stake, of course, refers to the amount of ADA that the user holds on the Cardano network, and its size depends on the amount held, as well.
There were over 20 stake pool operators that were familiar with the experiment. They are the ones who are giving insight into how the new version of the mainnet would function.
Cardano’s founder, Charles Hoskinson, also commented on this exercise. He said that things were very successful. Meanwhile, he also noted the usability aspects, admitting that it still requires some work. But, the number of pioneers was on the rise, and he pointed out that there were 32 of them at the time.
Hoskinson further decided to give a few hints of things to come, stating that IOHK plans to roll out several of them in days to come. First of all, there will be an update on the Shelley node, which is expected to come on May 21st. Also, integration of the Haskell wallet is expected to be carried out, and another small update to Shelley node will come on June 4th.
Before it arrives, however, Cardano will hold a virtual summit in the last week of May.
Cardano’s price back to pre-crash high, where will it go next?
Another thing to consider is the project’s performance in the last 14 days. During this period, and after the consolidation stint, the project’s bulls managed to push the coin’s price all the way up to $0.0571.
This was great for ADA, as it last saw such heights before the price crash in March of this year. However, metrics show that there are some strong resistances that ADA would have to overcome in order for a bullish momentum to form.
ADA will first have to breach $0.056 and $0.057, as well as resistances at $0.077 and $0.12. However, while this seems like a stretch, analysts believe it to be possible, mostly due to the huge number of players. Nothing is certain yet, however, and anything can happen.