Cardano has reached important milestones this season. In another crucial development for the ecosystem, the blockchain development and research company IOHK is announced a partnership with the Orion Protocol.
So the decentralized financing [DeFi] The protocol became the first liquidity aggregator on the Cardano blockchain. According to the official press release, the two companies are set to work together to enable the scalability and sustainability of not only DeFi, but non-fungible tokens as well [NFT] Ecosystems.
The task of the Orion protocol is to offer a “decentralized gateway” to the entire digital asset market. It is used in the aggregation of liquidity via decentralized and centralized cryptocurrency exchanges as well as swap platforms in a decentralized platform.
The announcement read:
“Orion Protocol is proud to be the first liquidity aggregator to build on Cardano’s groundbreaking infrastructure and work together to ensure the scalability and sustainability of the DeFi and NFT areas.”
The latest news comes after Orion’s other integrations with Huobi ECO Chain, Binance Smart Chain, Avalanche, and Elrond. There will be more such integrations reportedly in the coming days.
What is for orion
The DeFi platform assumes that the integration into the system and service of the Cardano blockchain will play a crucial role for more growth, interoperability, scalability and performance of the protocol and every solution – from the flagship product Orion Terminal to the Orion NFT Aggregator .
The Orion Terminal went live on March 31st after receiving support from the Ethereum blockchain and Binance Smart Chains [BSC].
Alexey Koloskov, CEO and co-founder of the Orion Protocol, spoke about the partnership with IOHK and subsequently became the first liquidity aggregator for the Cardano blockchain.
“We admire and share their focus on building a scalable and interoperable DeFi ecosystem and look forward to working together to achieve a sustainable future for the industry.”
Cardano on the way to complete decentralization
IOHK announced that Cardano’s block production was successfully decentralized on April 1st. The platform had also announced that it will no longer produce blocks in the Cardano blockchain and instead responsibility will now be fully transferred to the ADA community of more than 2,000 community stake pools.
ADA has responded very well to the evolution of its underlying network. The token was positioned as the fifth largest crypto asset in the rankings by market capitalization.
In addition, the Cardano ecosystem has continued to grow and has motivated network participants through the Project Catalyst fund. There are now 20 projects to receive ADA worth $ 500,000.
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