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Cardano (ADA) Records Its First Oracle Integration Through Liqwid: Details

Fri, 04/07/2023 - 08:08
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Godfrey Benjamin
Cardano's Liqwid Finance made history for integrating first oracle service, Charli3
Cardano (ADA) Records Its First Oracle Integration Through Liqwid: Details
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Cardano (ADA) is expanding its ecosystem and associated functionalities on protocols resident on the blockchain. In one of the latest updates, Liqwid Finance, a protocol that offers decentralized interest rate curves for lending and borrowing on Cardano, said it has integrated Charlie3, the first-ever oracle service to make its way to the blockchain.

The integration is significant for Cardano, Liqwid and Charli3, and the latter also prides itself as the first decentralized oracle on the Cardano mainnet. With the integration, Liqwid said it is using the Charli3 technology for calculations to create new loans, update collateral values and initiate liquidations for undercollateralized loans.

Liqwid Finance said it is confident in the price data being provided by Charli3 as compared to the centralized oracles that are largely prone to manipulation.

According to Charli3 co-founder Damon Zwarich, "The integration work with Liqwid has been fantastic and professional. This process is the main reason we have CNT aggregation capability so quickly within our node network, due to the consistent work of our talented developers. This work together is exciting for future developments of Liqwid markets and new protocols."

The Charli3 oracle is providing support for the SHEN/USD and ADA/USD pairs on the Liqwid protocol.

Cardano Hydra Solution Prepares for Mainnet Beta Release: Details

Consistency in new milestones

Cardano might be far behind in catching up with Ethereum as the dominant smart contract platform, but one thing is glaring about its ecosystem: there is consistency in the launch of new innovations.

The integration of Charli3 by Liqwid Finance is just one example; Cardano has numerous programs in view that are bound to enhance its overall outlook in the near future. While one of these innovations is its Hydra scaling tool, the protocol is making a lot of inroads in Grayscale Investment's smart contract platform fund, according to an earlier report by U.Today.

At the time of writing, ADA is trading at a price of $0.3797, down by 2.52% over the past 24 hours.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.