Cardano, the seventh largest cryptocurrency by market capitalization is making significant strides in its decentralization agenda, with its latest integration of Charli3’s oracle price feeds into the DeFi platform Liqwid.
The move represents a critical milestone in Cardano’s evolution, as it highlights the platform’s commitment to building a robust and decentralized ecosystem that enhances data accuracy and continuity.
Liqwid Labs, the first protocol to develop on Cardano, announced in a press release on Friday that it had integrated Charli3’s oracle price feeds into its liquidity and staking markets. The integration is expected to improve SHEN market collateralization and liquidity, with Charli3’s price feeds used for various calculations, including creating new loans, updating collateral data, and liquidating under-collateralized loans.
By integrating Charli3’s oracle price feeds, Liqwid Labs aims to provide more accurate and reliable data, a departure from the centralized oracle systems that have been prone to manipulation. The integration of ADA/USD price feeds, as well as SHEN/USD, is just the beginning, with Liqwid working to integrate multiple other news feeds.
Commenting on the integration, Liqwid co-founder Dewayne Cameron said: “Charli3 is Cardano’s first decentralized oracle service provider 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.”
The integration of Charli3’s oracle price feeds is a significant development in the DeFi space, as it highlights the importance of decentralization in building a robust and secure ecosystem. Liqwid’s decision to integrate Charli3’s oracle price feeds is not only a testament to the platform’s commitment to decentralization but also a recognition of the importance of accurate and reliable data in the DeFi ecosystem.
In conclusion, Cardano’s integration of Charli3’s oracle price feeds into Liqwid represents a significant step forward in the platform’s decentralization agenda. The move highlights the platform’s commitment to building a robust and secure DeFi ecosystem that enhances data accuracy and continuity. With more integrations expected in the future, Cardano is poised to play a pivotal role in shaping the future of the DeFi space.
