We are pleased to announce that we are integrating the full support of Cardano (ADA) on the Inlock platform. In the first quarter of 2021, Cardano won a community voting by a great superiority, marking our support for ADA. We are proud to be among the firsts in the market to introduce our interest and loan solutions for ADA.
Thanks to this integration, our clients can easily deposit and withdraw ADA coins on the native Cardano blockchain, and earn up to 6.4% interest rate (APY). The annual interest rate could even increase significantly in the near future, thus outperforming even the offers of Staking Pools! In addition, we will soon allow ADA deposits on other alternative chains (e.g. BSC), and it will soon be possible to buy and sell ADA via the Swap function. And for our service to be complete: the possibility to use ADA as collateral will be available before the end of the month, therefore our clients will be able to borrow stablecoins on ADA coins.
Cardano is a proof-of-stake-based blockchain that uses the most decentralized solution of any blockchain known today. The role of the blockchain’s native coin (ADA) is both to ensure the availability of the network and to operate the network in a decentralized way through Staking Pools.
Staking or Lending?
It is important to differentiate between Staking and Lending activities. The purpose of Staking Pools is to operate the network in a decentralized way, while the purpose of Lending is to use ADA as a financial instrument and thus maximize the value creation capacity of the network. One of the most important parts of Cardano’s expansion is ensuring the liquidity of ADA since, without this, adequate financial services cannot be developed. Inlock is helping Cardano to expand the liquidity of the Cardano network through its service.
Our aim is to be at the forefront of innovation with INLOCK
The launch of ADA reflects the continuous innovation of our platform. We have recently integrated the Binance Smart Chain (BSC) into Inlock, making transfers faster and more cost-effective. This innovation was also ahead of the competition and what is more, it is almost exclusively available at Inlock.
Long-term sustainability has always been a key focus while implementing Cardano, so the current solution will be able to handle tokens that will be issued in the future.
In order to respond quickly to market fluctuations, we have introduced our Swap function, where ADA will be also available soon and can be exchanged alongside 8 previously introduced cryptocurrencies. This will also reduce exchange rate risk, as our clients will not lose time during the withdrawal process, and as always, Swap will continue to be free of charge.