Yesterday, the development team in charge of the Cardano (ADA) system, IOHK, rolled out the Cardano incentivized testnet. Exactly at noon UTC, a snapshot took a record of users’ Daedalus and Yoroi wallet balances. Thus, it triggered the staking process. Concerning the event, IOHK regards it as a huge step in decentralizing the Cardano blockchain.
Cardano incentivized testnet will wait for you
IOHK didn’t inform the public well enough, therefore, the news of the milestone has taken many by surprise. Some Cardano users were unaware that they should transfer their funds to Daedalus or Yoroi wallets. Nevertheless, it still isn’t too late.
All ADA holders who keep funds on exchanges should transfer them to the mentioned wallets ASAP because a second snapshot will be crucial for the testnet wallet. Therefore, the first snapshot is optional while the second is mandatory for Cardano incentivized testnet participation.
The full set of instructions for this phase were published by IOHK on Twitter.
According to IOHK, they will release the testnet wallet shortly. By restoring their accounts with recovery keys, users will be able to use testnet wallets. After the second snapshot, they will be free to move their coins away from the wallet. Meanwhile, their test ADA will remain in the testnet wallet.
Meanwhile, IOHK published a website where users can subscribe to regular testnet development updates.
Developers and the community share the excitement
Regarding the achievement of the new milestone, Cardano developers state:
The ADA rewards earned for delegating a stake or running a stake pool are real and, once the testnet is complete, spendable. We’re using real rewards to gauge real responses, and to assess how the mechanism works in a real-world setting.
By these words, we can see that IOHK took the empiric approach again. Therefore, the road towards the unlocking Cardano’s full potential remains as long as ever. Nevertheless, the community remains positive.
ADA is migrating from exchanges – the price rises
Since it is natural that exchanges don’t support Cardano testnet, coins are migrating towards private wallets. Naturally, the migration leads to the scarcity of ADA on exchanges. That may be the reason for the recent ADA price rally.
Currently, the ADA’s price is $0.043. The recent high of $0.046 represents a 31% rise from the most recent bottom at $0.035. Therefore, obviously, Cardano’s development and its byproducts do have a serious impact on the valuation of the coin.