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Cardano’s DeFi landscape advances with launch of its first oracle integrator

cardanos-defi-landscape-advances-with-launch-of-its-first-oracle-integrator
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Cardano’s DeFi landscape advances with launch of its first oracle integrator

The Cardano network has taken a step towards total decentralization with its first oracle integrator launch.

Liqwid, a top DeFi project on Cardano, has integrated Charli3, the first decentralized oracle integrator on Cardano’s mainnet, which went live on April 6. Charli3 enables projects to deliver precise, secure, and safe data to their platforms and users, akin to Chainlink for Ethereum (ETH).

https://twitter.com/yevhen_dedotfi/status/1644092685874085891

Liqwid, an algorithmic liquidity market protocol on Cardano for lenders and borrowers, will employ Charli3’s oracles for computations to generate new loans, adjust collateral values, and commence liquidations for under-collateralized loans.

Liqwid co-founder Dewayne Cameron called Charli3’s launch a critical juncture for the entire Cardano ecosystem. Charli3 can now generate accurate on-chain oracle feeds, including SHEN/ADA prices, with ADA/USD integration set to follow soon.

The integration creates more on-chain opportunities for new projects to secure trust in the ecosystem. Liqwid recently announced that it was the most used Cardano DeFi protocol by transaction volume.

Cardano is the second-highest network for staked value behind Ethereum, with a staking market capitalization of around $9 billion and a staking ratio of 66%, according to StakingRewards.

Top 10 crypto assets by staking market cap | Source: StakingRewards
Top 10 crypto assets by staking market cap | Source: StakingRewards

ADA price struggles

However, ADA prices have struggled to surpass $0.40 over the last few months, despite a gain of roughly 15% in the past month.

At present, ADA is trading at $0.38, as per CoinMarketCap. While other cryptocurrencies are beginning to recuperate from their all-time highs, ADA is still down 87% from its September 2021 pinnacle.