The fintech company working on the Open-Source project called Cardano, IOHK, made an announcement in the ongoing 2021 Cardano Summit about its partnership with Chainlink, a decentralized blockchain oracle network.
In the announcement, it was revealed that the partnership would allow Cardano to integrate the oracles of Chainlink to help developers are they are getting ready to build smart contracts for DeFi apps.
Going back to the memory lane, for the first time, the Cardano network became adaptable with smart contracts after its last network upgrade called Alonzo that went live on the 12th of September, 2021.
Speaking on the Collaboration, the head of blockchain partnerships at Chainlink Labs, Niki Ariyasinghe, said that the Cardano ecosystem had earned a great amount of respect from the oracle network, especially the nature of the entire community that allows for collaboration and the technical team that developed the project.
Niki Ariyasinghe believes that there is no better time for the partnership looking at the fact that smart contracts just coming from Cardano for the first time while Chainlink has helped in facilitating the transfer of untampered data to on-chain smart contracts from off-chain sources.
He added: “There is a lot of this that boils down to accurate timing. The Cardano network has come a long way and has released different upgrades, all along with the latest of them is on smart contracts enablement. So, for us, this is the right time to engage the Cardano and its ecosystem.”
He added that this new integration would increase the potential of the TVL (Total Value Locked) on the Cardano network to billions of dollars.
Cardano’s Unveiling of Multiple Partnerships
The first day of the 2021 Cardano Summit came with a lot of announcements and collaboration deals between Cardano and some other strategic entities.
As announced earlier by the CEO of the IOKH, Charles Hoskinson, the project will team up with the telecom services of DISH in an attempt to increase the adoption of blockchain while reshaping the entire model of the telecom sector.
Cardano also announced that Veritree, a global tree planting, and land restoration company, will keep its records by engaging the Cardano blockchain after a strategic collaboration deal. On the list of Cardano’s deals are partnership deals with Rival, a leading gaming and esports platform, AID Tech, a finance identity-based solution, and UBX, a fintech VC studio, and fund.