Cardano Welcomes First Decentralized Oracle Integration

• The Charlie3 oracle service is the first of its kind to arrive on the blockchain.
• Liqwid Finance has said that it places its faith in the price data that is provided by Charli3.

Cardano (ADA) is increasing the size of its protocol ecosystem and the number of blockchain-based features it offers. The Charlie3 oracle service is the first of its kind to arrive on the blockchain, and the developers of Liqwid Finance, a protocol that provides decentralized interest rate curves for lending and borrowing on Cardano, have announced its integration.

Cardano, Liqwid, and Charli3 all benefit from the integration, and Charli3 takes pride in becoming the first decentralized oracle on the Cardano mainnet.

Liqwid has made the announcement that it has incorporated the Charli3 technology and is making use of it to do calculations for the establishment of new loans, revisions to the value of collateral, and the liquidation of under-collateralized loans.

Preferred Over Centralized Oracles

Liqwid Finance has said that it places its faith in the price data that is provided by Charli3, in contrast to the centralized oracles, which are susceptible to being manipulated.

Co-founder of Charli3 Damon Zwarich stated:

“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.”

For the Liqwid protocol, the Charli3 oracle backs the SHEN/USD and ADA/USD pairings. Although Cardano’s ecosystem may be lagging behind Ethereum’s, one thing stands out: the platform’s dedication to regularly releasing new innovations. Liqwid Finance’s incorporation of Charli3 is just one of several planned initiatives for Cardano that will improve its long-term prospects.

Recommended For You:

Cardano (ADA) Price Prediction 2023 — Will ADA Hit $1 Soon?