Cardano gets its first Oracle integrator, but ADA falls back
On April 6, Charli3 launched on Cardano as its first oracle integrator. The platform’s oracles are integrated by Liqwid, a leading DeFi project on Cardano.
Charli3 provides a decentralized node network with the framework for projects to deliver safe, accurate and secure data to their platforms and users. It can be seen as the Cardano version of Chainlink.
Liqwid is an algorithmic liquidity market protocol built on Cardano for lenders and borrowers.
The announcement noted that it was a big deal for the ecosystem:
“This is a HUGE opportunity for the Cardano ecosystem as a whole, and shows that projects are following the continuous push for full decentralization on Cardano.”
Cardano Oracles
According to Liqwid’s co-founder Dewayne Cameron, “Charli3 is Cardano’s first decentralized oracle infrastructure on the mainnet, and it has been insightful and super motivating to work with the talented developers who built this protocol and see their clear vision for the development of Cardano DeFi!”
Furthermore, Charli3 is now able to produce accurate on-chain oracle feeds, such as prices for SHEN/ADA. The next oracle price feed to be integrated will be ADA/USD.
Liqwid will use the oracles for calculations to create new loans, update collateral values and initiate liquidations for under-secured loans, it said.
The move creates more chain opportunities for new projects to ensure trust in the ecosystem, the announcement noted.
A few days ago, Liqwid said it was the most used Cardano DeFi protocol of all time by transaction volume.
According to Dapps on Cardano, the leading protocol in terms of transactions is the NFT marketplace jpg.store.
StakingRewards reports that Cardano is the second highest value staking network behind Ethereum. It has a market capitalization of around $9 billion and a leverage ratio of 66%.
ADA awards lack luster
However, ADA prices have not reacted much in the last couple of months, struggling to top $0.40.
ADA is down 1.7% on the day, trading at $0.38 at the time of writing, according to CoinGecko. The asset has gained around 15% in the past month, but is far behind Bitcoin and Ethereum in terms of price increases.
Furthermore, ADA is still a painful 87% down from its September 2021 record, while other cryptoassets are starting to recover.
