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Cardano Gets Its First Oracle Integrator But ADA Falls Back

Cardano Gets Its First Oracle Integrator But ADA Falls Back

On April 6, Charli3 launched on Cardano as its first oracle integrator. Liqwid, a leading DeFi project on Cardano, integrated the platform’s oracles.

Charli3 offers a decentralized node network framework for projects to securely supply accurate and safe data to their platforms and users. It can be considered the Cardano version of Chainlink.

Liqwid is an algorithmic liquidity market protocol built on Cardano for lenders and borrowers.

The announcement emphasized that this was a significant achievement for the Cardano 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.”

Cardano Oracles

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!”

Charli3 now provides 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.

The move creates more on-chain opportunities for new projects to secure trust in the ecosystem.

A few days ago, Liqwid claimed to be the most used Cardano DeFi protocol by transaction volume.

According to Dapps on Cardano, the leading protocol in terms of transactions is NFT marketplace

StakingRewards states that Cardano is the second-highest network for staked value behind Ethereum, with 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 and have struggled to surpass $0.40.

At the time of writing, ADA is trading at $0.38, down 1.7% for the day, according to CoinGecko. The asset has gained around 15% over the past month but lags behind Bitcoin and Ethereum in terms of price gains.

Additionally, ADA is still down 87% from its all-time high in September 2021, while other crypto assets are starting to recover.