The team behind Binance’s official non-custodial cryptocurrency wallet app, Trust Wallet, has recently announced support for staking Cardano ($ADA) on the network, allowing users to earn with their holdings while helping secure the network.
According to Trust Wallet’s announcement, Cardano staking is currently only available for its users using Android devices, although support for iOS devices is set to launch in the near future.
To stake Cardano on Trust Wallet, users simply have to either send $ADA to their wallet or buy it beforehand, and then click on the “Stake” button that will appear when they clock on the asset.
Investors can then choose the validator they want to stake with. Rewards for staking the cryptocurrency, the wallet adds, are not automatically restaked. Moreover, a minimum of 4 $ADA is necessary for users to be able to stake and unstake their funds.
Also read: How to Enable the Trust Wallet DApp Browser: A Step-by-Step Guide
As reported, the number of smart contracts deployed on the network has grown by more than 340% year-to-date as developers keep on working in the cryptocurrency’s network, despite the ongoing bear market.
Plutus, it’s worth noting, is the “smart contract platform of the Cardano blockchain” that allows users to “write applications that interact with the Cardano blockchain.”
The Cardano network has recently reached a new milestone with the launch of its first stablecoin. Other stablecoins are being created on the Cardano network. EMURGO, which is the commercial arm of Cardano, announced the planned launch of its new dollar-backed stablecoin USDA, which is “the first fully fiat-backed, regulatory compliant stablecoin in the Cardano ecosystem,” earlier this month.
In its latest Asset Report, CryptoCompare revealed that following the collapse of FTX there was a rising trend in users moving their assets off of centralized cryptocurrency platforms and moving them to decentralized solutions and self-custody.
The move, CryptoCompare wrote, led to a spike in average daily active users on the smart contract platform. In total, Cardano’s daily active users rose 15.6% to 75,800 last month, the highest number recorded since May.
Similarly, monthly transactions on the Cardano network also rose 5.34% to 2.32 million last month, marking the largest transaction volume since April.
Image Credit
Featured Image via Unsplash
