Cardano Gets Its First Oracle Integrator But ADA Falls Back
On April 6, Charli3 was launched on Cardano as its first oracle integrator. The platform’s oracles have been integrated by Liqwid, a leading DeFi project on Cardano.
Charli3 provides a decentralized node network with the framework for projects to supply secure, accurate, and safe data to their platforms and users. It could be viewed 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 MAJOR occasion for the Cardano ecosystem as a whole, showing that projects are following the continuous push for full decentralization on Cardano.”
🎉INTEGRATION🎉@liqwidfinance is Charli3’s, and Cardano’s, first Oracle integrator! championing the way to full #decentralization for the #CardanoCommunitySHEN/USD and ADA/USD. more feeds to follow for Liqwid markets.https://t.co/Zb1jm8X6CB
— Charli3 Oracles 📍live FREE ADA/USD feeds (@Oraclecharli3) April 6, 2023
According to Liqwid co-founder Dewayne Cameron, “Charli3 is Cardano’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 Cardano DeFi has been insightful and super motivating!”
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-collateralized loans, it stated.
The move creates more on-chain opportunities for new projects to secure trust in the ecosystem, the announcement noted.
A few days ago, Liqwid said it was the all-time most used Cardano DeFi protocol by transaction volume.
According to Dapps on Cardano, the leading protocol in terms of transactions is NFT marketplace jpg.store.
StakingRewards is reporting that Cardano is the second-highest network for staked value behind Ethereum. It has a staking market capitalization of around $9 billion and a staking ratio of 66%.
ADA Prices Lack Luster
However, ADA prices have not reacted much over the past 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% over the past month but 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.
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