Cardano has announced a partnership with solution provider Oracle Chainlink to accelerate the development of its DeFi ecosystem. The news was released at the Cardano Summit, a two-day conference held last weekend.
Cardano Summit News
The Cardano Summit, which was heralded as “the greatest online blockchain event of all time,” took place on September 25-26, 2021. The two-day conference was filled with presentations, reports, visions of the future and panel discussions.
Among the many events, there were talks about the new partnerships that should be the key to the further development of the Cardano Ecosystem (ADA). One of these was a partnership with telecommunications provider Dish Network.
However, the biggest surprise was the announcement regarding the integration with Chainlink (LINK), a leader in the oracle industry. The technology is used to provide high quality data to support smart contracts. In short, Chainlink makes it possible to combine the information of the off-chain world with the protocols of the on-chain space.
An use case example of data from oracles, mentioned in the IOHK statement, is reliable weather data. He stressed that their provision is crucial for “FinTech startups trying to enable parametric insurance in sub-Saharan Africa”. Other examples included election results, sports statistics or cryptocurrency rates, which will allow DeFi apps to operate without the need for third-party verification.
Hoskinson: Chainlink was an easy choice
Cardano has been increasingly bold entering the DeFi space and positioning itself as a major competitor to Ethereum (ETH). Chainlink, on the other hand, is securing billions of dollars in the DeFi, insurance or gaming industry as of today. Their technology offers global companies and major data providers a universal gateway to all blockchains.
This is why IOHK founder Charles Hoskinson said about the new partnership:
“IOHK is committed to providing developers with the most secure and robust tools to build useful solutions on Cardano, making it an easy choice to integrate with Chainlink’s market-leading Oracle solution. “
He went on to add that data integration will “reduce the go-to-market time for Cardano developers, but it will establish a secure foundation for Cardano’s DeFi ecosystem”. According to him, this will help increase user trust in the entire ecosystem.
Responding to this enthusiasm, Sergey Nazarov, co-founder of Chainlink, said:
“We’re excited to leverage our extensive experience and expertise by establishing native support for Chainlink on the Cardano blockchain and supporting its next stage of growth into markets like DeFi and beyond.”
In addition, Nazarov stressed that the use of the Oracle Chainlink will allow “rapid access to high quality real-time price data on a wide range of assets while maintaining robust security and availability.” Finally, he added that “this will empower developers on Cardano to build next-generation applications quicker and more securely.”
