Celsius Network Lends Support to Cardano ($ADA)

Cryptocurrency lender Celsius Network is set to add Cardano’s ADA later this month for both borrowing and lending. According to its CEO Alex Mashinsky, users will be able to take out ADA-backed loans on August 19.

Mashinsky also revealed on Twitter that users can earn 4.05% on their ADA holdings by lending the cryptocurrency on Celsius Network., allowing them to earn interest on their holdings as the network prepares to launch smart contracts.

The platform’s move comes as the Cardano network grows in anticipation of the major upgrade. As reported, back in May the network surpassed the 1 million wallet mark after adding nearly 7,000 wallets per day.

Data from PoolTool shows that 71.8% of Cardano’s total supply, equivalent to $31.1 billion, is currently being staked. A total of 725,200 addresses are staking their funds across 2,768 active pools to earn interest on their ADA holdings.

Cardano founder Charles Hoskinson has recently confirmed that after the Alonzo hard fork smart contracts will be available on the cryptocurrency’s network, and added that with time the infrastructure on Cardano will only get better.

Hoskinson added that he believes the infrastructure necessary for the hard fork will be built “in the August-September time frame,” and added this means that Cardano users will be able to “run smart contracts the moment that hard fork comes on Cardano infrastructure and building an increasingly better environment for Cardano apps to be developed and deployed on.”

As CryptoGlobe reported, last month ADA’s popular Yoroi wallet launched a decentralized application connector that will make it easier for users to interact with smart contracts and these applications once they go live on the Cardano network.

Some decentralized platforms are already preparing to go live on the Cardano network. Cardax, the first decentralized exchange set to launch on it, recently raised $1.5 million from its first community sale.

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