Cardano’s First Oracle Integration Sparks Excitement Despite ADA’s Dip

Key Points:

• Charli3 launched on Cardano as its first oracle integrator, which could be viewed as the Cardano version of Chainlink.
• Liqwid integrated Charli3’s oracles, creating more on-chain opportunities for new projects to secure trust in the ecosystem.
• ADA prices lack luster, down 87% from its September 2021 all-time high, struggling to top $0.40.

Charli3, the first oracle integrator on Cardano, has recently been launched. Liqwid, a leading DeFi project on Cardano, has integrated the platform’s oracles.

The integration of Charli3’s decentralized node network has provided a framework for projects to supply secure, accurate, and safe data to their platforms and users. This makes it easier for new projects to secure trust in the ecosystem.

Charli3 can be viewed as the Cardano version of Chainlink. It is now able to produce accurate on-chain oracle feeds, such as prices for SHEN/ADA, and the next oracle price feed to be integrated will be ADA/USD. This means that users can expect more accurate price feeds and other important data in the future.

According to Liqwid co-founder Dewayne Cameron, “Charli3 is ADA’s first decentralized oracle infrastructure on mainnet, working with the talented developers that built this protocol and seeing their clear vision for the evolution of ADA DeFi has been insightful and super motivating!” This is a significant development for the Cardano ecosystem as a whole and shows that projects are following the continuous push for full decentralization on Cardano.

Liqwid, on the other hand, is an algorithmic liquidity market protocol built on Cardano for lenders and borrowers. The oracles provided by Charli3 will be used for calculations to create new loans, update collateral values, and initiate liquidations for under-collateralized loans. This will create more on-chain opportunities for new projects to secure trust in the ecosystem.

A few days ago, Liqwid announced that it was the all-time most used Cardano DeFi protocol by transaction volume. This is a testament to the usefulness of the platform and its growing popularity among users.

StakingRewards has reported that 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%. This indicates that Cardano is gaining traction among investors and users alike.

Despite these positive developments, ADA prices have not reacted much over the past couple of months, struggling to top $0.40. At the time of writing, ADA is down 1.7% on the day and trading at $0.38, according to CoinGecko. While the asset has gained around 15% over the past month, it is way behind Bitcoin and Ethereum in terms of price increases. Furthermore, ADA is still a painful 87% down from its September 2021 all-time high, whereas other crypto assets are starting to recover.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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