- 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.
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.