With Oracle Integration, Cardano’s DeFi Ecosystem Takes A Step Forward
The first Oracle integration on Cardano, “the first!” Yevhen Karpenko, a Twitter Ambassador at the firm DeFi, showed his enthusiasm for the company on Thursday (April 6). He claims that this important development shows Cardano’s continuous dedication to complete decentralization and the rising interest from several projects.
In a blog post published yesterday, Liqwid Labs, the company behind Liqwid, announced that Charli3’s Oracle price feed has been successfully integrated.
With Liqwid, users can earn interest on deposits without dealing with a custodian, borrow assets easily, and take advantage of four yield streams on ADA, a non-custodial interest rate protocol. In early February 2023, the mainnet was launched.
Charli3’s oracle price feeds will secure collateral and liquidations in the SHEN market, according to Liqwid Labs. SHEN/USD price feed has been integrated, and ADA/USD Charli3 price feed will be incorporated shortly. A decentralized price feed from Charli3 allows Liqwid to create new loans, update collateral values, and liquidate undercollateralized loans more accurately and securely.
Accurate, consistent pricing data is provided by Liqwid markets thanks to the inclusion of price feeds from the Cardano native oracle service provider Charli3. This collaboration also strengthens resistance to price manipulations from a single trusted source that are centralized oracle-style. The partnership is a crucial milestone in Liqwid’s quest to establish itself as a fully decentralized lending system on Cardano.
To accommodate the rising demand for additional markets on Liqwid v1, Liqwid Labs is also constructing numerous new pricing feeds. The “New Markets” section of the Liqwid governance forum is where anyone who is interested in knowing more about the markets that are slated to launch on Liqwid v1 may find out more.
Liqwid sets a high bar for decentralization and security as the first DeFi protocol to build on Cardano and interact with a Cardano native decentralized oracle protocol, inspiring other protocols in the Cardano DeFi ecosystem to follow suit.
Visit Bitdenex Exchange to Buy and Sell crypto in minutes with low trading fees.