Cardano’s DeFi Ecosystem Takes a Giant Leap Forward With Its Very First Oracle Integration

Liqwid Labs wakes up Cardano DeFi by integrating Charli3’s Oracle price feeds for the first time.

Yevhen Karpenko, Twitter Ambassador for the startup DeFi, expressed his enthusiasm about “The FIRST Oracle Integration on Cardano!” on April 6th. This significant event, he emphasized, demonstrates Cardano’s ongoing commitment to decentralization and the expanding interest in various initiatives.

In a blog post published yesterday, Liqwid Labs, the company behind the interest rate protocol Liqwid, announced that they have effectively integrated Charli3’s Oracle price inputs.

As an open-source, algorithmic, and non-custodial interest rate protocol, Liqwid enables users to earn interest on deposits, borrow assets, and receive four yield streams on ADA in a secure manner. The introduction of the mainnet occurred in early February 2023.

Liqwid Labs disclosed that integrating Charli3’s Oracle price reports would protect collateral and liquidations on the SHEN market. They have finished integrating the SHEN/USD price feed and intend to integrate the ADA/USD Charli3 price input in the near future. By utilizing the decentralized price data provided by Charli3, Liqwid can create new loans, alter collateral values, and initiate liquidations for undercollateralized loans with greater precision and security.

The incorporation of Cardano-native oracle service provider Charli3’s price inputs within Liqwid markets guarantees precise, continuous price data. This partnership also supports resistance to centralized oracle price manipulations by a single reliable source.

Liqwid Labs is also developing multiple new price inputs for Liqwid v1 to satisfy the growing demand for new markets. Visit the “New Markets” section of the Liqwid governance forum for more information on the proposed markets for Liqwid v1 launch.

Also Read: Cardano (ADA) Holders Will Receive Substantial Rewards, but There Are No Assurances