The Cardano (ADA) ecosystem continues to evolve with the integration of Charli3, its first-ever oracle service, in a significant partnership with the decentralized finance (DeFi) protocol, Liqwid Finance. The collaboration aims to improve the accuracy of price data and enhance the overall operations of Liqwid Finance, which offers lending and borrowing services on the Cardano blockchain.
In this partnership, Charli3, as the first decentralized oracle on Cardano’s mainnet, provides essential data for Liqwid Finance. This data is crucial for calculating new loans, updating collateral values, and initiating liquidations for undercollateralized loans. By using decentralized oracles, Liqwid Finance benefits from the increased trust in the price data provided by Charli3, as they are less prone to manipulation compared to centralized counterparts.
Damon Zwarich, the co-founder of Charli3, shared his enthusiasm about the partnership with Liqwid Finance, saying, “The integration work with Liqwid has been fantastic and professional. This process is the main reason we have CNT aggregation capability so quickly within our node network, due to the consistent work of our talented developers. This work together is exciting for future developments of Liqwid markets and new protocols.”
Currently, the Charli3 oracle supports SHEN/USD and ADA/USD pairs on the Liqwid protocol.
Ongoing Innovation and Expansion
While Cardano still faces a significant journey to rival Ethereum as the top smart contract platform, its persistent innovation is apparent. Liqwid Finance’s integration of Charli3 exemplifies Cardano’s dedication to growth and development. Several projects are in the pipeline for Cardano, set to enhance its overall prospects in the near future, such as the Hydra scaling solution.
Beyond technological advancements, Cardano is also making impressive progress in investment funds. Previously it was reported that Cardano has been achieving considerable success in Grayscale Investment’s smart contract platform fund, highlighting the growing interest in Cardano’s potential for innovation and growth.
