Celsius Network, a cryptocurrency lender, plans to add Cardano’s ADA later this month for both borrowing and lending. Users will be able to take out ADA-backed loans on August 19, according to CEO Alex Mashinsky.
Mashinsky also revealed on Twitter that users can earn 4.05 percent on their ADA holdings by lending the cryptocurrency on Celsius Network, allowing them to earn interest as the network prepares to launch smart contracts.
The platform’s relocation coincides with the expansion of the Cardano network in anticipation of the major upgrade. As previously reported, the network surpassed the 1 million wallet mark in May after adding nearly 7,000 wallets per day.
According to PoolTool data, 71.8 percent of Cardano’s total supply, or $31.1 billion, is currently staked. To earn interest on their ADA holdings, 725,200 addresses are staking their funds across 2,768 active pools.
Cardano founder Charles Hoskinson recently confirmed that smart contracts will be available on the cryptocurrency’s network following the Alonzo hard fork, and added that the infrastructure on Cardano will only improve over time.
Hoskinson went on to say that he believes the infrastructure required for the hard fork will be built “in the August-September time frame,” which means Cardano users will be able to “run smart contracts the moment the hard fork comes on Cardano infrastructure and building an increasingly better environment for Cardano apps to be developed and deployed on.”
ADA’s popular Yoroi wallet launched a decentralized application connector last month, making 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 getting ready to launch on the Cardano network. Cardax, the first decentralized exchange that will be launched on it, recently raised $1.5 million in its first community sale.