Cardano Joins Forces With Chainlink for DeFi Smart Contracts Development

Cardano joins forces with Chainlink in a new strategic partnership to provide oracle integration for smart contract developers as we are reading more in our latest Chainlink news today.

InputOutput is the technology company behind the Cardano open-source blockchain project and it announced in the ongoing Cardano Summit that it partnered with the decentralized blockchain oracle network Chainlink. According to the announcement, Cardano joins forces with Chainlink and the partnership will see Cardano integrate with Chainlink’s oracles to support the developers as they are preparing to start building the smart contracts for decentralized finance apps. Cardano even became compatible with smart contracts for the first time after the Alonzo network upgrade which was live on September 12, 2021.

Niki Ariyashinghe who is the head of blockchain partnership at Chainlink said that the oracle network has huge respect for the Cardano ecosystem especially the tech team behind the project. He also thinks that the timing was perfect for collaboration given the fact that smart contracts are coming to Cardano while Chainlink helps facilitate the transfer of teh tamper-proof data from the off-chain sources to on-chain smart contracts. He added:

“A lot of this comes down to timing. Cardano obviously has had an extended period where it had different drops of upgrades and the most recent is Alonzo – really about enabling smart contracts. So for us, this is really like the right time to engage with the Cardano ecosystem.”

Charles Hoskinson, IOHK Founder

He added that the integration will enable hundreds of billions of dollars of value that are locked to be secured on the Cardano protocol. In the meantime, at the ongoing Summit, we saw several announcements and strategic partnerships between Cardano and other entities. Charles Hoskinson announced that the project teamed up with the DISH telecom services in an effort to boost the adoption of blockchain while still changing the entire model of the telecom industry. The project also revealed that the global land restoration and tree planting company Veritree will secure its records using Cardano’s blockchain after a new strategic partnership. Others on the list of partnership announcements include leading esports and gaming platform Rival, a fintech venture studio, and a finance identity solution company.

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