Apple devices running Apple’s iOS operating system can now stake Cardano’s native token, ADA.
The functionality has been implemented through Trust Wallet, a non-custodial “hot” wallet that stores crypto assets. This feature was initially only available on Android devices running Trust Wallet.
It is possible to stake a minimum of 4 ADA. At the end of each epoch, tokens and rewards for staked tokens are automatically restaken. The functionality also allows you to choose from the more than 2,700 validator pools available on Cardano, according to Cexplorer.
Since Cardano is a proof-of-stake blockchain, staking is of paramount importance, so the ability to delegate ADA to stake from an iPhone seems like a very positive development. Especially since Trust Wallet has millions of users and Binance is the largest ADA staking provider, the wallet’s parent company.
There are currently 25.08 billion ADA in staking, representing 72% of the total supply of Cardano tokens. Therefore, the Cardano tokens in staking are worth $6.3 billion. Although ADA’s price has dropped, there is a steady increase in wallets as well as tokens staked.
According to the market cap, Cardano ranks among the top 10 cryptocurrencies. The proof-of-stake blockchain seeks to be more flexible, sustainable, and scalable than Ethereum – with a proof-of-stake architecture designed to be the next generation of Ethereum.
As a result of Cardano’s smart contracts, developers can build a wide range of decentralized finance (DeFi) apps, new crypto tokens, games, and more.
With each staked crypto asset, users improve the security and efficiency of the underlying blockchain. In exchange, they receive additional assets from the network, which are paid out as rewards.
The Cardano blockchain uses a PoS consensus mechanism. In this system, rewards are distributed to delegators every five days. In addition, they can withdraw their respective ADA tokens whenever they want. Cardano doesn’t have any penalties preventing its delegates from having freedom and authority over their assets.
The number of active users of Trust Wallet globally is around 25 million. On December 13, 2022, they announced that Android users can now stake Cardano (ADA) coins.
To begin staking, users must select the ADA token on the application, click the “Stake” button, and then choose their preferred validator.
Currently, Trust Wallet supports thousands of cryptocurrencies on almost 70 blockchains. In 2018, Trust Wallet was acquired by Binance, a major cryptocurrency exchange.
Earlier in November 2022, Trust Wallet launched its browser extension, which can be downloaded directly from Google Chrome and Opera.