It is one success after another for Cardano (ADA), as not only has it recently managed to secure a historic deal with Japanese crypto exchange Bitpoint (a move which the country’s crypto community deems to be as significant as a listing on Coinbase) and launch its first DEX known as Cardax, but it has also now established a collaboration with Celsius Network, a popular crypto lender. As a result of this new arrangement, Celsius Network shall be adding ADA later on in August for both lending as well as borrowing purposes.
Alex Mashinsky, the CEO, had stated that users would soon be allowed to withdraw loans backed by ADA on the 19th of August. He had additionally announced via Twitter that all users might lend ADA on Celsius, thereby potentially earning 4.05% on their respective holdings. In this way, the users will be able to earn interest while the network readies itself for the eventual launch of the smart contracts.
Cardano going all out as we move close to Alonzo
This latest development comes at a time when we are closer than ever before to the upcoming Alonzo upgrade, which is said to be the biggest update in Cardano’s history yet and is expected to increase the cryptocurrency’s value even more. Cardano had successfully overtaken the mark of 1 million wallets this past May, around the point when the network had added approximately 7,000 wallets on a daily basis.
Also read:Furthermore, data provided by PoolTool had indicated that just below 72% of Cardano’s overall supply (which is worth about $31 billion) was observed to have been staked. As such, 725,200 addresses are therefore staking funds across a whopping 2,768 pools in order to earn interest on ADA.
Is it finally Cardano’s time to shine?
Charles Hoskinson, the mastermind behind Cardano, had confirmed recently that once the upcoming Alonzo hard fork is implemented, smart contracts shall be available at last on Cardano’s respective network. He added that this is just the beginning and that the project’s infrastructure is only going to improve from now on.
The Cardano creator claims that the framework which is vital for securing the success of Alonzo shall be constructed between the months of August and September. He concluded that there shall hopefully not be any more delays and that all users of Cardano shall be allowed to run the smart contracts as soon as the hard fork arrives.
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