April 7, 2023 at 09:52 GMTModified date: May 12, 2023 at 16:32 GMT
April 7, 2023 at 09:52 GMT

Cardano Records Its First Oracle Integration

Charli3 becomes the first-ever decentralized oracle service to make its way to the Cardano mainnet.

Cardano Records Its First Oracle Integration

Cardano is expanding its ecosystem and getting a new integration with Liqwid Finance, a protocol that offers decentralized interest rate curves for lending and borrowing on the blockchain.

The integration is significant for Cardano, Liqwid and Charli3, as Charli3 becomes the first-ever decentralized oracle service to make its way to the Cardano mainnet. With the integration, Liqwid is using the Charli3 technology for calculations to create new loans, update collateral values, and initiate liquidations for undercollateralized loans.

According to Liqwid Finance, Charli3’s technology is more trustworthy than centralized oracles, which are largely prone to manipulation. Damon Zwarich, the co-founder of Charli3, said the integration work with Liqwid has been fantastic and professional. He added that their developers’ consistent work is the main reason the company has CNT aggregation capability so quickly within their node network.

The Charli3 oracle will support the SHEN/USD and ADA/USD pairs on the Liqwid protocol.

The integration of Charli3 by Liqwid Finance is just one example of Cardano’s consistency in the launch of new innovations. While the protocol might be far behind Ethereum in catching up as the dominant smart contract platform, Cardano has numerous programs in view that are bound to enhance its overall outlook in the near future.

One of these innovations is its Hydra scaling tool, and the protocol is making a lot of inroads in Grayscale Investment’s smart contract platform fund. With these consistent efforts towards expanding its ecosystem and associated functionalities on protocols resident on the blockchain, Cardano aims to establish itself as a reliable smart contract platform in the crypto world.

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