Cardano is scaling decentralized finance (DeFi) smart contract development with a new partnership with Chainlink, who will deliver upgraded crypto assets with magical integration services. for developers on the ecosystem.
This is announced by the parent company, InputOutput (IOHK), of the blockchain project at the Cardano Summit 2021.
Cardano Partners Chainlink for smart contract development
According to the information available on the partnership, smart contract developers building on Cardano will have access to Chainlink Oracle to build their Defi smart contracts now.
The head of blockchain partnerships at Chainlink Labs, Niki Ariyasinghe, stated that the new partnership of both crypto companies will allow Cardano to use Chainlink to transfer tamper-proof data from off-chain sources to on-chain smart contracts.
Ariyasinghe continued that the partnership is also coming at “the right time” considering the fact that the IOHK-backed digital asset both enables smart contract support. He believes this will allow multi-billion dollar projects to be locked on the Cardano protocol.
You will recall that Cardano just had its most recent upgrade, Alonzo, which allows smart contract development on its ecosystem.
Cardano Gets First Stablecoin
Interestingly, at the 2-day event, the IOHK team also disclosure that Cardano’s nascent Defi space will have its first stablecoin.
Immediately after this announcement, COTI, a software development company announced that they will be releasing Djed Stablecoin will run on the platform.
According to available information, the value of Djed will be kept stable through an algorithmic design that depends on smart contract design on the Cardano blockchain.
It is also important to note that digital assets will maintain a reserve of the base currency, especially when new assets are being mined or burned. This way, it will be able to counter any volatility that may arise.
COTI Group CEO, Shahaf Bar-Geffen, said, “Blockchain participants are using stablecoins to participate in day-to-day transactions because they allow currency value to be exchanged seamlessly. , regardless of the location of the sender and receiver.”
He continued that he believes the new stablecoin will “significantly improve the way transactions are settled on the platform.”
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