Cardano DeFi Ecosystem, Liqwid, Advances With Its First-Ever Oracle Integration

Liqwid Labs has facilitated Cardano decentralized finance (DeFi) in its forward leap with the notable integration of Charli3’s oracle price feeds.

The news first came when Yevhen Karpenko, the Twitter Ambassador at startup DeFi, shared his excitement about “The FIRST ORACLE INTEGRATION ON CARDANO!”

https://twitter.com/yevhen_dedotfi/status/1644092685874085891

Karpenko underscored that this notable event was a show of Cardano’s ongoing commitment to full decentralization on the network. He also noted that it was a show of growing interest from multiple projects.

Cardano And The Charli3’s Oracle Price Feeds

In a recent blog post, Liqwid Labs, the company behind the interest rate protocol called Liqwid, said they had successfully integrated Charli3’s Oracle price feeds.

Liqwid operates as an open-source, algorithmic, and non-custodial interest rate protocol. In this design, it allows users to earn interest on deposits securely. They can also borrow assets easily while benefitting from the network’s yield streams on ADA. Notably, the mainnet debut happened earlier in February.

According to Liqwid Labs, integrating Charli3’s oracle price feeds would help secure collateral and liquidations in the SHEN market. Furthermore, they have already integrated the SHEN/USD price feed and are already underway with plans to incorporate the ADA/USD Charli3 price feed. This will become available soon.

Benefits Of Cardano Liqwid Collaboration

Noteworthy, the use of Charli3’s decentralized price feeds will enable Liqwid to develop new loans, update collateral values, and initiate liquidations for under-collateralized loans. These would be done with more accuracy and in a safer way.

The incorporation of Cardano-native oracle provider Charli3’s price feeds ensures accuracy. Moreover, it guarantees the continuation of price data within the Liqwid markets.

The collaboration will also strengthen the fight against centralized oracle price manipulations from a single trusted source.

Additionally, the partnership is a crucial step in Liqwid’s vision of becoming a fully decentralized lending protocol running atop the Cardano blockchain.

Liqwid Wants To Meet The  Growing Demand For New Markets

Liqwid Labs is currently developing several other price feeds that will help satisfy the growing demand for new markets on Liqwid v1. Accordingly, the network has sent a call to action. They are calling on anyone interested in learning more about the markets proposed for launch on the Liqwid v1 to visit the “New Markets’ section. This can be found on the platform’s governance forum.

Liqwid is the first decentralized finance (DeFi) protocol to develop atop the Cardano blockchain and integrate with a Cardano-native decentralized oracle protocol. With this, the platform has set the bar high for decentralization and security. At the same time, the move will motivate other protocols within the Cardano DeFi ecosystem to do the same.

Read More:

• Cardano To Become The Top EVM And Gaming Chain, Here’s Why
• Dogecoin Price Prediction April 2023 – $DOGE Surpasses Shiba Inu and Cardano
• Where to Buy Cardano (ADA)