Cardano Gets a Boost After Binance’s Self-Custody Wallet Adds ADA Staking for iOS
iPhone users can now stake Cardano’s native token ADA on the Trust wallet, earn interest, and secure the platform. The official Binance self-custody wallet app rolled out the service for Android users in December.
According to the announcement, the staking option is done in three simple steps. You first send $ADA to the Trust wallet and click the ‘stake’ button on their login address. Then select the validator to stake with.
The wallet team added that staking rewards are not automatically rolled over and that one must have at least 4 ADA to stake and unstake their funds. As reported by Binance, data shows that the Cardano network increased smart contract usage by 340% in 2021 amid a growing developer interest, despite the ongoing bear cycle.
Some of the benefits that iOS users will enjoy from the new offering include direct ADA purchases from the Trust Wallet app. According to the announcement, users can also transfer and receive ADA through a single application, including a unified interface for tracking price movements of their stored assets for a better trading strategy. The latest app supporting Trust wallet via Cardano’s network is version 6.16.
The increasing popularity of Cardano’s monthly active users and the popularity of self-custody wallets
Further, following the collapse of FTX, there is a growing trend of individual and institutional investors moving their funds to self-custodial wallets. Analytics platform CryptoCompare shows that the increasing popularity of the wallets has expanded Cardano’s active users by 5.34% to 2.32 million as of last month, the highest volume ever recorded since April.
According to its website, Trust Wallet is a non-custodial wallet powering more than 3 million crypto assets and non-fungible tokens (NFTs.) The platform supports over 65 blockchains and lets users store their private keys away from centralized exchanges. It is used by more than 50 million people globally.
Described by its co-founder Charles Hoskinson as the third generation of blockchain, Cardano is an open-source consensus, which boasts more than 1,000 projects building on it. The blockchain uses a proof of stake consensus algorithm to secure its transactions, powered by its native token, ADA, which is used for settling transaction fees on the blockchain.