Home » Crypto Protocol Trust Wallet Supporting Cardano (ADA) Staking
- Nancy J. Allen
- December 14, 2022
- 4:00 pm
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- Trust Wallet has around 5 million active users globally.
- Trust Wallet is majorly used in the United States and Vietnam.
Trust Wallet, a non-custodial mobile cryptocurrency wallet, announced via Twitter (December 13, 2022)that the wallet now supports Cardano(ADA) staking.
— Trust – Crypto Wallet (@TrustWallet) December 13, 2022$ADA @Cardano staking is now available in Trust Wallet!
Here’s how you can easily start staking #Cardano in your #TrustWallet👇https://t.co/LpFyWTi3x4 pic.twitter.com/hM9LfQTjNJ
As per the announcement, the new staking option is only available for Android devices. A similar announcement for iOS devices will be made in the near future.
A user needs to select the ADA token, click on the “Stake” button on the application, and then choose their preferred validator to begin the staking process.
Trust Wallet currently supports thousands of cryptocurrencies on around 70 blockchains. A leading crypto exchange acquired Trust Wallet in 2018.
As per media reports, earlier in November 2022, Trust Wallet launched its browser extension, which can be directly downloaded from Google Chrome and Opera browsers.
TWT performed exceedingly well in November, as it reclaimed nearly 70%. While buying at the dip, buyers gained a vital support level of $2.0, which will provide a price pump ahead. As of now, buyers face a retracement phase this week, so bulls must maintain an immediate support level.
In the process of staking, users actively participate in the process of validating transactions of any given proof-of-stake blockchain network. In return, these users receive staking rewards. The consensus mechanism of proof-of-stakes is considered a relatively more efficient energy-consuming system than the proof-of-work.
Third-generation blockchain network – Cardano – is famous across the crypto space for its unique features. Launched in 2017, it is the first platform that went on to deploy scientific processes of peer review based on evidence.
Cardano blockchain uses the PoS consensus mechanism. In this system, the delegators on the network receive rewards after every five days. Additionally, they can access or withdraw their respective ADA tokens anytime. Apart from this, Cardano has no penalties that allow delegates on the network to have liberty and authority over their own assets.
In March 2022, TheCoinRepublic reported that crypto exchange Coinbase has increased the number of staking options it offers. It announced that it now provides ADA for staking on its platform. ADA is the indigenous crypto asset on the Cardano network.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
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As a seasoned crypto enthusiast with a background in macroeconomics and business statistics, I bring a wealth of knowledge to the table. My expertise in cryptocurrencies, blockchain technology, and the broader financial landscape allows me to dissect and provide insights into the recent developments in the crypto space, such as the integration of Cardano (ADA) staking in Trust Wallet.
The article highlights Trust Wallet, a non-custodial mobile cryptocurrency wallet, with approximately 5 million active users globally. Trust Wallet is particularly popular in the United States and Vietnam. The wallet recently announced the addition of Cardano (ADA) staking, specifically for Android devices, with plans for a similar feature on iOS devices in the near future.
Trust Wallet is known for supporting thousands of cryptocurrencies across around 70 blockchains, and it was acquired by a leading crypto exchange in 2018. In November 2022, Trust Wallet launched a browser extension available on Google Chrome and Opera browsers. The Trust Wallet Token (TWT) also experienced notable performance, reclaiming nearly 70% in November.
Staking in the crypto world involves users actively participating in the validation of transactions on a proof-of-stake blockchain network. Participants receive staking rewards in return. The article emphasizes that proof-of-stake consensus mechanisms, like the one used by Cardano, are considered more energy-efficient compared to proof-of-work systems.
Cardano, identified as a third-generation blockchain network, stands out for its unique features. Launched in 2017, it was the first platform to employ scientific processes of peer review based on evidence. The Cardano blockchain utilizes the proof-of-stake (PoS) consensus mechanism, where delegators receive rewards every five days and have the flexibility to access or withdraw their ADA tokens without penalties.
The article also mentions that in March 2022, Coinbase expanded its staking options to include ADA, the native crypto asset on the Cardano network. This development aligns with the broader trend of cryptocurrency exchanges providing staking services to their users.
In conclusion, the integration of Cardano staking in Trust Wallet represents a significant advancement in the crypto space, leveraging the efficiency of proof-of-stake consensus mechanisms and catering to the growing demand for staking services among cryptocurrency users. The unique features of Cardano and the broader trends in the industry contribute to the overall narrative of the evolving crypto ecosystem.
