Good news coming for Huobi wallet users. Huobi wallet, in its latest tweet, has announced that the Huobi users can join them for staking ADA currency to earn incentives.
The tweet mentions that when the Cardano mainnet turns live on the Huobi wallet, it will support the Staking of ADA. Wallet users are invited to delegate their stakes during this mainnet.
The Huobi wallet node will also be available for Shelley Incentivized testnet and more details will soon be revealed in the upcoming days on social media.
What is the Huobi Wallet?
Huobi Wallet is a multi-asset and cross-chain exchange crypto wallet where the users can exchange various crypto coins following a simplified procedure. It is a decentralized app browser and enables the staking of coins for the PoS network. It supports the exchange of all top cryptocurrencies including BTC, EOS, ETH, USDT TRX, etc. along with ERC-20 tokens and supports for almost seven blockchains.
This decentralized wallet provides Digital Asset Management (DAM) services and is equipped with advanced security. It is supported by the Changelly crypto exchange.
What is Cardano and its Rewards Program?
Cardano is one of the largest decentralized cryptocurrency networks globally. To promote their newly launched Shelley network, they have launched various reward programs using their ADA crypto coins.
Huobi Wallet will now support the reward program, i.e. designed to build a strong and decentralized network of wallet users across the world. According to the promotional policy, wallet users can earn ADA coins as rewards advancing their support on the Shelley network.
ADA represents the amount of participation stake on the network. The amount of ADA is equal to the size of the stake. If one holds 5% ADA, he has 5% participation in the network.
Incentive Mechanism of Cardano
The rewards model works broadly on rationality that if the participant works harder, he will be benefited maximum. It is set on coded protocols, which include the details of different levels of stake delegation and when and how the incentives will be paid. It thus ensures the active collaboration of participants to contribute to the network out of self-interest.
The incentive model on testnet depends on the percentage of network participation. The users will be incentivized for delegating the stakes or for operating the stake pool.
Approximately 3.8 million ADA will be available as a reward. If the network participation goes up to 50 %, then annual rewards will be 7–8%. But, if the participation is lower than 50%, then the rewards can go up to 13–15%. For stake pool operators, assuming 10,000,000 ADA, the stake pool operation will go up to 12–13 percent.
How one can participate?
As part of the participation, the delegation of stakes can be done on the Shelley network on the Cardano platform.
If one holds ADA in their official wallets Yoroi or Daedalus, he/she can participate in the Incentivized Testnet. One can download any of the testnet wallets and start delegating the stakes to earn real rewards in the form of ADA.
The rewards will be transferred to the mainnet after the incentivized testnet ends.