The team behind Binance’s official non-custodial cryptocurrency wallet app, Trust Wallet, has recently announced support for staking Cardano ($ADA) on its iOS application, allowing users to earn interest on their $ADA holdings while securing the network on these devices.
According to Trust Wallet, Cardano staking is now also available on iOS devices after first launching on Android devices earlier this month.
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
Smart contract usage on the Cardano network has surged by 340% in the past year, as developers continue to utilize the cryptocurrency’s network despite the current bear market, as CryptoGlobe reported.
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.”
Notably, 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.
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