• Cardano collaborates with Chainlink to develop DeFi Smart Contracts

  • Cardano and Chainlink have announced a strategic partnership to provide oracle integration for smart contract developers.

    InputOutput (IOKH), the technology company behind the Cardano open-source blockchain project, announced a partnership with decentralized blockchain oracle network Chainlink at the ongoing Cardano Summit 2021.

    Cardano deserves a lot of respect.

    According to the announcement, the collaboration will see Cardano integrate Chainlink’s oracles to assist developers as they prepare to begin building smart contracts for decentralized finance (DeFi) applications.

    Remember that after the Alonzo network upgrade, which went live on September 12, 2021, Cardano became compatible with smart contracts for the first time.

    Niki Ariyasinghe, head of blockchain partnerships at Chainlink Labs, commented on the partnership, saying that the oracle network has a “tremendous amount of respect for the Cardano ecosystem,” particularly the technical team behind the project and the collaborative nature of the community.

    Timing is everything.

    Ariyasinghe believes the timing is ideal for the collaboration because smart contracts are only now making their way to Cardano, and Chainlink facilitates the transfer of tamper-proof data from off-chain sources to on-chain smart contracts.

    “A lot of this is about timing. Cardano has obviously gone through a period where different upgrades have been released, the most recent of which is Alonzo, which is primarily concerned with enabling smart contracts. As a result, we believe that now is an excellent time to engage with the Cardano ecosystem,” he added.

    He went on to say that the integration could allow hundreds of billions of dollars of value to be secured on the Cardano Protocol, particularly in the DeFi sector.

    Cardano Announces Several Partnerships

    Meanwhile, the first day of the ongoing Summit has seen a number of announcements and strategic partnership agreements between Cardano and other entities.

    As previously reported, Charles Hoskinson announced that the project has partnered with DISH’s telecom services in an effort to increase blockchain adoption while transforming the entire telecom industry model.

    Following a strategic partnership, global land restoration and tree planting verification company Veritree will now secure its records using Cardano’s blockchain.

    Cardano has also announced partnerships with leading esports and gaming platform Rival, UBX, a fintech venture studio and fund, and AID:tech, a finance identity-based solution.

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