The company behind the Cardano blockchain, Input Output Hong Kong (IOHK), has just announced a new collaboration to create the first Decentralized Finance (DeFi) project on the network.
IOHK has announced a collaboration with Bondly Finance. This company aims to introduce agile and trustworthy DeFi to all as part of the roll-out of Cardano’s smart contract functionality.
Bondly will become the first DeFi project introduced on the blockchain by Cardano. The announcement from IOHK read:
â€œWe’re partnering with @BondlyFinance, which will be the first DeFi project enabled on #Cardano as a part of the roll-out of our smart contract functionality. Our partnership will be a huge step in continuing both companiesâ€™ mission to bring decentralized finance to the masses.â€
Bondly is a platform that allows peer-to-peer crypto exchange through any medium, through any blockchain. The partnership will enable the pair to accomplish key milestones, including the transition from the Polkadot blockchain to Cardano of the Bondly cryptocurrency, and allow escrow and buyer security to run on the Cardano blockchain.
As part of the Goguen era, Cardano’s smart contract functionality has yet to be applied, and with DeFi, Bondly will be able to help the development of solutions.
The age of introducing smart contracts and allowing decentralized applications (Dapps) on the network will be Cardano’s Goguen era, which marks the next time after Shelley. The Goguen platform, targeted at developers, addresses the cohort with the foundation and tools they need to create Cardano applications.
Unlike Ethereum, the Goguen update would not prioritize ADA transactions and contracts over other tokens distributed on Cardano, where the blockchain prioritizes ETH over the network’s other ERC-20 tokens. Developers will be able to use Cardano effectively since all the protection and smart contract behaviors of Cardano’s native crypto, ADA, are inherited by tokens on the network.
The Marlowe Project is one of the main projects as part of Cardano’s transition to being completely decentralized. According to Cardano, Charles Hoskinson, the platform has integrated the past twenty years’ research and development into many fields and marked a significant milestone. Marlowe makes peer-to-peer loans and distinction agreements (CFDs). Once the Goguen era is ready, the Marlowe project will be finalized.
As Cardano is advancing to become a completely decentralized network, users will launch ready-made models of DeFi contracts and digital assets on the Marlowe platform and pass the terms of the contracts to the platform.