Trust Wallet, the team behind Binance’s official non-custodial cryptocurrency wallet app, has recently announced support for staking Cardano ($ADA) on its iOS app, allowing users to earn interest on their $ADA holdings while also securing the network on these devices.
Cardano staking is now available on iOS devices, after first being available on Android devices earlier this month, according to Trust Wallet.
To stake Cardano on Trust Wallet, users must first send $ADA to their wallet or purchase it beforehand, and then click the “Stake” button that appears when the asset is logged in.
Investors can then choose which validator to stake with. The wallet adds that rewards for staking the cryptocurrency are not automatically restaked. Furthermore, users must have a minimum of 4 $ADA in order to stake and unstake their funds.
According to CryptoGlobe, smart contract usage on the Cardano network has increased by 340% in the last year, as developers continue to use the cryptocurrency’s network despite the current bear market.
Plutus is the “Cardano blockchain smart contract platform,” which allows users to “write applications that interact with the Cardano blockchain.”
Notably, CryptoCompare revealed in its latest Asset Report that following the collapse of FTX, there was a rising trend in users moving their assets away from centralized cryptocurrency platforms and toward decentralized solutions and self-custody.
According to CryptoCompare, the move resulted in an increase in average daily active users on the smart contract platform. Cardano’s daily active users increased 15.6% to 75,800 last month, the highest number since May.
Similarly, monthly transactions on the Cardano network increased by 5.34% to 2.32 million last month, the highest volume since April.
