Cardano, a blockchain platform known for its sustainability and eco-friendliness, recently made a big leap toward its push for full decentralization.
On April 6, Charli3, Cardano’s first decentralized oracle infrastructure, was launched on its mainnet. This platform provides a framework for projects to supply secure, accurate, and safe data to their platforms and users. Liqwid, a leading DeFi project on Cardano, has integrated Charli3’s oracles, making it possible for lenders and borrowers to use the platform’s algorithmic liquidity market protocol.
The move towards decentralization is a significant milestone for Cardano, as it creates more on-chain opportunities for new projects to secure trust in the ecosystem. Charli3’s ability to produce accurate on-chain oracle feeds, such as prices for SHEN/ADA, is a crucial factor in making this happen.
Additionally, Liqwid will use the oracles for calculations to create new loans, update collateral values, and initiate liquidations for under-collateralized loans.
Despite this positive development, Cardano’s native token, ADA, struggled to break through the $0.40 barrier in the past few months. ADA is down 1.7% on the day, trading at $0.38 at the time of writing, according to CoinGecko.
While ADA gained around 15% over the past month, it is still way behind Bitcoin and Ethereum in terms of price increases. Furthermore, ADA is still 87% down from its September 2021 all-time high, while other crypto assets are starting to recover.
Despite the recent setback, Cardano’s ecosystem continues to grow, with Liqwid claiming to be the all-time most used Cardano DeFi protocol by transaction volume. Cardano is also the second-highest network for staked value behind Ethereum, with a staking market capitalization of around $9 billion and a staking ratio of 66%.