Celsius Network to enable Cardano (ADA) borrowing and yield farming this month

Celsius Network has indicated that the platform would soon add Cardano (ADA) to its cryptocurrencies eligible for borrowing collateral and yield returns on August 19.

In a Twitter post, Alex Mashinsky, CEO of digital asset lending business Celsius Network, stated that users would “be able to take a 1% APR loan using ADA as collateral on the same day”.

Furthermore, users will be granted a yield rate of 4.05% as the platform capitalizes on the rising popularity of ADA, with Cardano witnessing increased adoption over the last year.

Recently, Cardano founder Charles Hoskinson confirmed in a live stream update users can “run smart contracts the moment hard fork comes on” in relation to the new “Alonzo” hard fork.

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