Cardano staking has been added to this leading DeFi platform. Trust Wallet, a multi-chain crypto wallet has announced the integration of ADA via Twitter.
The service is currently available for Android devices which would be extended to IOS support in the near future. As per the blog, one requires a minimum of 4 ADA to stake, unstake, or restake.
The steps consist of choosing the ADA token and pressing the Stake button. The next is selecting and confirming the validator in the “Validator” field.
Trust wallet and their kind are gaining prominence as users are increasingly switching towards non-custodial wallets amid FTX’s collapse.
Its needs to be mentioned that crypto billionaire and Binance CEO Changpeng Zhao tweeted about the importance of self-custody and prompted users to use the Trust wallet, fuelling the token’s rally. Binance acquired Trust Wallet in 2018.
The self-custodial crypto wallet’s native token TWT in particular reaped benefits. On one occasion the asset’s value was up by over 45% in a span of 24 hours, data from Coingecko showed.
Trust Wallet also offers token holders discounts on in-app purchases and the ability to vote on proposed changes to the wallet.
The DeFi wallet stores and manage over 3 million crypto assets including NFTs across 65+ blockchains. On Jul 20, it finally added the support of the ADA network.
Cardano Adds Over 20,000 New Staking Addresses
The Cardano ecosystem has continued to show resilience despite the uncertainty prevailing in the crypto market in the wake of the implosion of Terraform Labs and now the crypto exchange collapse involving FTX.
However, in a good turn of events, the FTX crash might have triggered Cardano wallet expansion to pick up steam, adding 30k wallets in a single week. And, for the first time this year, the number of Cardano-based smart contracts grew by over 300%, surpassing 4,000 for the first time.
As for its newly acquired wallets, over the course of 13 months, Cardano has added 22,327 new staking addresses on average each month.
In fact, data from Pooltool, a Cardano data aggregation tool, showed that on December 9, ADA’s staking wallets achieved total stake addresses of over 1 million, up from 943k addresses on November 10, 2021, or a rise of 290,342 over the preceding 13 months.