Cardano has been busy signing new contracts, launching new upgrades, and forming new partnerships left and right. Celsius Network is a blockchain-based lending system that allows investors to apply for crypto debts. Cardano and Celsius Network has signed up to start a new venture. The users of the network will now be able to borrow ADA loans.
This new service will be available to the public starting from August 19th. As confirmed by CEO of Celsius Network Alex Mashinsky, the holders of the third generation crypto tokens can earn up to 4.05% returns. The system allows Cardano holders to offer their coins for debt applicants and earn interest-based income. This new service is made possible due to the new smart contracts capability that is soon to become live.
The new lending service for ADA is exciting for many holders of the altcoin. Data shared by the PoolTool analytics platform shows that more than 71.8% of ADA supply is already staked. At the current market value, this amount of ADA is valued at $31.1 billion. Another report discloses that around 725,200 active addresses have staked their holdings into more than 2,700 pools.
After the announcement of the smart contracts upgrade, investment interest in Cardano increased significantly. At the start of the year, the Cardano network was adding 7K active wallet addresses per day. However, at present, this number has increased to 1 million in the last few weeks. Charles Hoskinson has confirmed that Alonzo’s stage completion will allow the infrastructure to grow better.
Cardano is Planning to Launch a New Decentralized Exchange Platform
A few days ago, the Cardano development team announced a sister project for the blockchain. The new service called Cardax is a dedicated decentralized trading platform complete with a new native token. During its first community sale, Cardax managed to rake in $1.5 million. Another noteworthy project launched by Cardano is Yoroi Wallet. This is a decentralized application integrator. The users could use their Yoroi wallet address to use the services from smart contracts as well as other important applications that are built on top of the Cardano network. Charles Hoskinson, the founder of the blockchain, claimed that August-September is the crucial time frame for Cardano as many significant upgrades are set to go live during this time bracket.
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